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15th March - Weekly FX Update

GBPEUR

Monday 9AM 15th March: 1.16808

The GBPEUR came very close to breaking the 1.17 barrier again last week, however failing to reach it may see a slight correction in the coming days, despite a spike to 1.16893 early this morning. The UK have now completed more than 24 million doses of the first vaccination, which has further strengthened its advantage over Europe and increased confidence in the UK's lockdown exit roadmap. Looking ahead to this week, the Bank of England are set to announce its latest interest rate and monetary policy. The Bank are looking unlikely to make any significant changes, nevertheless, optimism will help the Pound on its bullish streak, and caution could lead to losses against the Euro.


GBPUSD

Monday 9AM 15th March: 1.39417

The GBPUSD rose back above 1.39 last week as daily Covid-19 infections continue to fall in the UK. There is increasing confidence in reopening the economy by Summer as the stress on the NHS declines from a direct result of reduced hospitalisations. Moreover, US core inflation rose less than expected, which weighed on the Dollar heading into the weekend. With no expected significant financial data to emerge, this week will likely see the GBPUSD rate fluctuate around the 1.40 mark.