Daily Currency Update

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Concerns over the UK’s supply chain

GBP - British Pound

Ongoing supply chain issues have raised fears about the strength of the UK’s economic recovery. Latest figures from the ONS show that transport and shipping companies are more likely to have paused trading, or shut down, than firms in other parts of the economy, with just 82% operating as normal.

The pound may continue its losses from yesterday’s trading, as concerns around the UK’s economic recovery could be compounded by the rise of COVID-19 cases.

Key Movers

The US dollar traded higher against major currencies on Thursday on the back of stronger US data. There was an upward revision to second quarter GDP which came in at 6.6%. The increase was less than the forecast of 6.7%.

The Jackson Hole Economic Policy Symposium concludes tomorrow with US Federal Reserve Chairman Jerome Powell’s closing remarks. Markets will be watching for any updates on the Fed’s economic stimulus programs and how they could affect the US dollar.

Expected Ranges

GBP/USD: 1.3675 - 1.3725 ▼

GBP/EUR: 1.1645 - 1.1685 ▲

EUR/USD: 1.1725 - 1.1765 ▼