EUR

07/05/2021

Market report: Bank of England upgrades growth forecast

GBP Sterling gave up earlier gains against both the euro and dollar yesterday. This followed the¬†Bank of England (BoE) stating it needed¬†clear evidence of¬†an economic recovery before tightening monetary policy. The move mirrored recent decisions in the United States, with the¬†Federal Reserve taking a similar stance. A¬†sell off in sterling soon ensued, with investors underwhelmed […]

27/04/2021

Market report: Dollar recovers from eight week low

USD The dollar recovered from an eight week low against the euro yesterday and gained against many of its peers. This came after investors consolidated their positions ahead of Wednesday’s Federal Reserve meeting. The market is now looking for clues from the Fed on whether they will taper policy for later in the year. Fed […]

20/04/2021

Market report: pound rallies against dollar & euro

GBP Sterling was the best performing currency on Monday,¬†rallying close to 1% against the euro and just over 1% against the dollar.¬†Investors have struggled to pin the pound’s recent decline¬†on one single factor and¬†a clear reason for sterling‚Äôs appreciation yesterday is equally illusive. Instead, it seems a combination of factors are at play. Seasonality is […]

14/04/2021

Market report: GBP sinks to seven month low

GBP The pound fell to a seven month low against the euro on Tuesday. This followed the Bank of England’s (BoE) Chief Economist Andy Haldane announcing he would be leaving the BoE’s Monetary Policy Committee (MPC).  Haldane is famously ‚Äėhawkish‚Äô and favourable towards increasing interest rates. Something seen as a positive for the pound.   This isn’t the first […]

09/04/2021

Market report: Construction PMI can’t save GBP

GBP Sterling extended its losses against both the euro and dollar on Thursday. This is despite a stronger than expected Construction Purchasing¬†Managers Index (PMI).¬†The¬†Construction PMI¬†is¬†a diffusion index incorporating survey results provided by UK construction firms. The Construction PMI rose to 61.7 from 53.3, a six-year high. However, the news mostly failed to move sterling. Likely […]

01/04/2021

GDP rise lifts sterling

GBP The UK economy showed further signs of life yesterday as GDP rose by 16.9% and 1.3%¬†in Q3 and Q4 respectively. GDP had fallen¬†by 9.8%¬†in 2020,¬†the biggest drop for over 300 years, so this was welcome news. A high level of accumulated¬†household savings likely funded the growth, at least in part. The saving rate increased¬†from […]

30/03/2021

The pound hits 13 month high vs the euro

GBP Sterling surged to a 13 month high against the euro yesterday morning while holding strong against the dollar. The upwards swing didn’t last long, however, and the pound had dipped again by the afternoon. Although there’s no real data to explain these swings, the volatility could be down to a new financial quarter beginning […]

25/03/2021

Dollar remains on the front foot

USD The dollar remained strong against its peers yesterday as data showed US factory activity picked up in early March amid an increase in new orders. However, US manufacturing PMI only increased to 59 in the first half of this month from a final reading of 58.6 in February, when activity took a step back […]

24/03/2021

Pound still under pressure from EU vaccine row

GBP The pound remains under pressure as the¬†British Government works to ease tensions with the EU over their threat to ban AstraZeneca vaccine exports. This is on top of poor employment data for February which showed a further 86,000 Brits had entered unemployment. Today also saw the release of February‚Äôs UK¬†Consumer Price Inflation¬†data, which slumped […]

23/03/2021

GBP falls on EU threat to block vaccines

GBP Sterling fell against both the euro and dollar on Monday as investors sold the British currency following news the European Union could block AstraZeneca vaccine exports to the UK. This follows supply issues in Europe and concerns among EU officials that it won’t reach its vaccination target. European Commission President Ursula von der Leyen […]

17/03/2021

Bank of England Governor raises doubts on the UK’s economic recovery

GBP The pound fell yesterday after Bank of England Governor Andrew Bailey raised doubts on the UK‚Äôs economic recovery ahead of this week‚Äôs Bank of England Policy announcement. Bailey stressed the importance of continuing with the bond purchasing and stimulus programme, despite his concerns about post-pandemic inflation. Ahead of this key meeting, analysts have taken […]

15/03/2021

US dollar rises again off the back of rising treasury yields

USD The dollar rose on Friday following a fresh spike in Treasury yields as the prospect of economies emerging from year-long coronavirus lockdowns reignited inflation fears. The market over the last few weeks has become increasingly more wary of possible inflationary pressures that could come as a result of pent-up consumer demand and the expanding […]

12/03/2021

The Euro holds firm despite a dovish European Central Bank

EUR The Euro held firm on Thursday despite a dovish European Central Bank (ECB) meeting which saw interest rates kept unchanged but saw the ECB commit to increase the pace of its €1.9 trillion bond buying scheme. The ECB‚Äôs decision to accelerate the pace of its PEPP for the next three months came as a […]

08/03/2021

Dollar Continues Recent Resurgence

GBP Sterling remains strong against most G10 currencies, however the currency is currently unable to stop the US Dollar regaining ground lost at the start of the year. Sterling does however remain strongly supported and will look towards Bank of England Governor, Andrew Bailey’s speech today to see if there are any further developments with […]

26/02/2021

Sterling suffers its sharpest decline of the year

GBP The pound has been the best  performing currency of 2021 but it has suffered its sharpest decline of the year in response to a shift in risk status. As demonstrated by the pound’s performance in the last few months, it has adopted a ‘risk on’ status and is susceptible to risk reversals if the […]

25/02/2021

Dollar struggles after dovish tone from FED chair Jerome Powell

USD On Wednesday the dollar continued to struggle in early trading after dovish comments from the fed chair Jerome Powell raising fears of rising inflation. The comments helped to push the USD to multi year lows against the sterling and commodity linked currencies. Powell confirmed that interest rates will remain low whilst the Fed continues […]

24/02/2021

Sterling posts fresh highs against EUR and USD

GBP Sterling experienced yet another day of forward momentum as fresh highs were posted against both the EUR and USD. The reason for this positivity largely remains the same, case numbers continue to fall as vaccination numbers rise. Yesterday, the UK recorded its lowest daily infections of the year at 8,489, compared to 10,641 the […]

15/02/2021

Sterling outperforms G10 currencies

GBP Last week the pound continued to be the best performing currency of its G10 counterparts and has remained at multi month high against the USD and Euro. This was positive news given the backdrop of not so perfect economic data. The pound continues to be supported by the so far successful vaccine rollout which […]

12/02/2021

Sterling hesitant to push high against Euro and Dollar

GBP Currency markets look hesitant to push GBP further than its recent highs against both Euro and Dollar. Sterling still looks an attractive buy with continued hopes on the success of the UK vaccination program. The Euro is also benefiting heavily from this period of US Dollar weakness. Some potential worry for Sterling are the […]

10/02/2021

Vaccination program continues to boost Sterling

GBP Sterling traded close to recent highs against the euro and posted its best levels since April 2018 against the dollar as the UK’s impressive Covid vaccination programme continued to be supportive for the British currency. According to the latest figures 352,480 people received a vaccination on Tuesday taking the total percentage of people vaccinated […]


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Monthly Currency Market View April 2020

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