Daily Currency Update
Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools.
Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools.
© 2020. UKForex Ltd. All rights reserved. *Third party fees may apply.
Terms of Use, Privacy Policy, Customer Agreement, Cookie Policy, Complaints Policy.
©UKForex Limited (trading as “OFX”) is: registered in England and Wales (Company No. 04631395). Our registered office is at 4th Floor, The White Chapel Building, 10 Whitechapel High St, London E1 8QS. We are authorised by the Financial Conduct Authority as an Electronic Money Institution (Firm Ref. No. 902028).
Market Optimism Continues to Drive Sterling Higher
GBP - British Pound
Sterling continued to rally yesterday, after Boris Johnson announced the UK would lead a cautious but irreversible path out of the most recent Covid-19 lockdown measures. This was after it was announced we had hit the vaccination target of 15 million. This means that in just over two months the UK has vaccinated nearly 25% of its population. The next press conference from Prime Minister Boris Johnson is on Monday 22nd, where he is expected to re-open schools from March 8th and layout a clear plan for the UK’s exit from lockdown.
Sterling benefited from weakness in the USD, breaking the $1.39 handle and tempting to test the psychological resistance level of $1.40. Sterling gained 0.5% against the Dollar yesterday and 0.35% against the Euro.
Key Movers
The US Dollar was held near its two-week lows yesterday after the continued optimism of the global vaccine rollout, combined with improved risk appetite from investors due to the potential $1.9 trillion US stimulus package, caused a move to riskier currencies.
EURUSD was very quiet during London trading yesterday hovering above the $1.21 handle for the majority of the day. The Euro was unable to take advantage of any Dollar weakness due to concerns of their vaccine rollout and what effect it may have on the reopening of most European economies.
Expected Ranges
GBP/USD: 1.3890 - 1.3990 ▲GBP/EUR: 1.1405 - 1.1490 ▲
GBP/AUD: 1.7820 - 1.7920 ▲
EUR/USD: 1.2105 - 1.2185 ▲