Daily Currency Update

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Non-Farm Payrolls expected to soar

GBP - British Pound

Sterling weakened against the US dollar on Thursday on the back of further worries over the COVID-19 ‘Delta’ variant. GBPUSD bounced off the 1.42 handle and subsequently dropped to lows of 1.4085. The pair remains range bound until UK Prime Minister, Boris Johnson, gives the all clear on easing restrictions on June 21st.

Key Movers

The US dollar performed extremely well on Thursday in the run up to Non-Farm Payrolls on Friday afternoon. Despite many businesses unable to hire, due to generous unemployment cheques and childcare, Friday’s numbers are expected to steal headlines. According to a poll from Reuters, a 650K job growth is predicted, up from 266K for April. The reading could benefit global economic sentiment and could have a positive effect on risk on currencies.

Expected Ranges

GBP/USD: 1.4020-1.4250 ▼

GBP/EUR: 1.1575-1.1760 ▲

GBP/AUD: 1.8330-1.8575 ▲

GBP/CAD: 1.7040-1.7245 ▲