Daily Currency Update

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Pound relatively subdued after a decent end to the week

GBP - British Pound

Sterling remains under pressure today after the first rounds of Brexit negotiations came to a close, bearing the critical differences between the UK and the EU. It performed well against the US Dollar yesterday after a collapse in US Treasury bond yields.

The Currency is predominantly being driven by the events around it at the minute but it will be interesting to see how next week develops in terms of the Coronavirus and Brexit negotiations.

Key Movers

The US Dollar will remain in focus today after a difficult day yesterday. US employment data in the form of the ever influential 'non-farms payroll' will be released this afternoon and will be watched closely for any signs of cracks in the US economy.

With the first 50 basis point rate cut from the Federal Reserve since the Lehman Brothers collapse in 2008, the market is already speculating about another 50 basis point cut as early as at their next meeting on March 18th, as the Coronavirus situation continues to take hold.

In Europe, the publication of Germany’s latest factory order figures could support the euro this morning after orders were reported to have skyrocketed by 5.5% in January, easily outpacing expectations for a more modest expansion of 1.5%.

Expected Ranges

GBP/USD: 1.2980 - 1.3090 ▲

GBP/EUR: 1.1450 - 1.1550 ▲

GBP/AUD: 1.9460 - 1.9630 ▼

GBP/CAD: 1.7410 - 1.7580 ▲

GBP/NZD: 2.0280 - 2.0580 ▲