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EUR/USD reach 5 month highs

GBP - British Pound

The pound started the week on the back-foot due to the notion that Boris Johnson may delay the next lifting of restrictions across the UK. The decision left traders questioning whether the strong UK economic rebound would continue. Analysts suggest that both consumer and business confidence would drop as a result, having a knock-on effect on the rest of the economy. The potential delay comes as the number of Indian variant cases continues to increase across the country, which is expected to climb further after the bank holiday. The decision is expected to be made in the next few weeks, which will likely keep the pound muted until then.

Key Movers

EUR/USD continues to push higher, touching 5-month highs of $1.2266. This move comes from a range of data across the US and Europe. As global risk appetite improves, the US dollar continues to weaken, whilst at the same time the Eurozone vaccine roll-out is continually getting better. As well as this the Federal Reserve has indicated that it has no plans to taper its bond purchasing, nor raise rates for the foreseeable which is also weighing on the US Dollar.

Expected Ranges

GBP/USD: 1.4100-1.4275 ▼

GBP/EUR: 1.1515-1.1680 ▼

GBP/AUD: 1.8210-1.8455 ▼

GBP/CAD: 1.7005-1.7230 ▼