Daily Currency Update

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PM Johnson makes announcement on restrictions

GBP - British Pound

UK Prime Minister, Boris Johnson, yesterday announced that all restrictive measures should be lifted on July 19th, including the use of masks and social distancing rules. The final decision will come on July 12th, however it is likely that Johnson will encourage people back to work.

The pound received a slight lift on the news, as economic growth is expected to continue. Although Brexit trade talks and the worry of the ‘Epsilon’ COVID-19 variant from California are weighing on the pound. GBP/USD could break the 1.39 handle on the 12th if Boris confirms the announcement.

Key Movers

The European Central Bank policy makers will hold a meeting in Frankfurt next week, in an attempt to wrap up the institution's strategy review that was disrupted by the pandemic. The meeting will explore topics such as inflation, employment, climate change and fiscal policy. The event could cause the euro to move in the run up to the meeting if leaks are spread throughout the market.

Expected Ranges

GBP/USD: 1.3765-1.3940 ▼

GBP/EUR: 1.1615-1.1805 ▲

GBP/AUD: 1.8140-1.8355 ▼

GBP/CAD: 1.7035-1.7190 ▲