Daily Currency Update

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Last day in office for President Trump

USD - United States Dollar

Donald Trump is set to spend his last full day in office issuing 100 pardons, although it is not yet known who President Trump plans on pardoning, it is thought the president is not expected to pardon himself.

Other news in the US, we have Janet Yellen's confirmation hearing for the US Treasury Secretary position where she is set to become the first female in the role. Lawmakers will also vet Biden's $1.9 trillion Covid-19 relief plan and if Yellen focuses on low borrowing costs, we could see the USD fall in today's trading.

Key Movers

GBP is set to rise as Covid-19 cases start to fall as the strictest lockdown measures in the UK since March begins to have a meaningful impact on the local infection rate.

GBP remained under 1.3600 against USD for most of yesterday, falling to levels as low as 1.3520. This morning, the pair has been trading above 1.3600 again, ahead of a UK inflation data released tomorrow morning.

The pound is up almost 5% against the dollar over the past 3 months, the momentum will much depend on the U.K. benefiting from its vaccine head start and avoiding any setbacks that delay the economy's reopening.

Expected Ranges

GBP/USD: 1.3601 - 1.3645 ▲

GBP/EUR: 1.1230 - 1.1255 ▲

EUR/USD: 1.2120 - 1.2165 ▲

GBP/AUD: 1.7678 - 1.7710 ▲