Daily Currency Update

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The pound weakens against the US dollar

GBP - British Pound

The pound has continued its decline against the US dollar, as the currency pair fell for the fifth consecutive day.

The pound was pressured further by tensions over COVID-19 vaccine supplies. Fears that a significant shortage in vaccine supplies, which could derail the UK government's plan to exit the current lockdown, could lead to the pound declining further against other major currencies.

UK and EU leaders are set to meet virtually today to discuss COVID-19 restrictions and vaccinations, potentially laying a path for greater collaboration over vaccine sharing.

Key Movers

In the US, The White House has announced that President Joe Biden will deliver a speech on the economy on 31st March, where he is set to lay out a plan worth as much as $3-trillion. Another boost to the economy could potentially raise inflation and prompt the Federal Reserve to raise interest rates sooner.

Today, Gross Domestic Product data for the fourth quarter of 2020 could confirm the expected 4.1% growth rate, and unemployment claims could continue falling. Any improvement on the jobless claims figures would also raise speculation for an increase on interest rates which could lead to further gains for the US dollar.

Expected Ranges

GBP/USD: 1.3670 - 1.3705 ▼

GBP/EUR: 1.1590 - 1.1615 ▲

EUR/USD: 1.1795 - 1.1815 ▼

GBP/AUD: 1.8005 - 1.8055 ▲