1st March - Weekly FX Update

Updated: 3 days ago

GBPEUR Monday 9AM 1st March: 1.15700 The Euro (€) continues to be pressured by the Pound, despite last week’s profit-taking seeing a slump to 1.14651 on Friday. It has since recovered slightly in anticipation of Rishi Sunak’s budget announcement on the 3rd March, where he is expected to issue a £5bn fund to help pubs, restaurants, and non-essential shops. We may see the GBP/EUR rise a little higher than the current rate as Europe continue to fall behind on its efforts in dealing with Covid-19. GBPUSD Monday 9AM 1st March: 1.39486 After touching a 12-month high of 1.41945 early last week, the Dollar ($) began to rise over the last 5 days as Biden’s $1.9tn stimulus package has been approved by the US House of Representatives. Moreover, stronger-than-expected US economy data has helped Treasury yields record their biggest daily rise in the last 12-months. This could see the GBP/USD settle around the current rate when combining this new information with Britain’s lockdown exit roadmap and its increasingly successful vaccination programme. Disclaimer: This is not investment advice, this content is for informational purposes only.

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