Daily Currency Update

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US dollar continues to decline

GBP - British Pound

Confidence is thoroughly back in the market as we start the week with equity markets continuing their strong performance from Friday. This is despite a record number of global coronavirus diagnosis in the last seven days where 5.2 million people were confirmed according to John Hopkins University.

For the US dollar it continues to decline and now GBPUSD is moving back towards 1.39. Similarly EURUSD has 1.20 in its sights. With the pubs open once again in the UK the market will be looking to grab investor attention with unemployment and average earnings figures tomorrow, inflation numbers on Wednesday and consumer confidence on Thursday making it a busy week for Sterling.

Key Movers

On a similar note its busy in Europe this week as well and the main focus will be on the ECB meeting on Thursday. The reaction from the market may be somewhat muted as investors look for Christine Lagarde's comments on the economic recovery and the lacklustre uptake on the asset purchasing programme. The Euro is back in control at the moment though and we could see a further push towards EURUSD 1.23 which mark the 1 year highs for the currency cross.

Expected Ranges

GBP/USD: 1.3820 - 1.3900 ▲

GBP/EUR: 1.1470 - 1.1580 ▼

GBP/AUD: 1.7740 - 1.7920 ▼

EUR/USD: 1.1940 - 1.2100 ▲