8th March - Weekly FX Update

Updated: Jun 22


Monday 9AM 8th March: 1.16339

The GBPEUR rate survived Wednesday’s budget announcement and closed the week strong, holding support at 1.15. The European Central Bank will update the public via press release on its monetary policy meeting this Thursday at 12:45 GMT. The aim for the ECB’s Governing Council is to achieve an inflation rate of under 2% across the Euro Area, where official interest rates will be set and will impact the relative value of the Euro against the Pound. The data released on Thursday will give a better indication as to whether Sterling will continue its bullish recovery and push beyond 1.17.


Monday 9AM 8th March: 1.38168

Despite breaking the 1.40 benchmark again on Thursday, GBPUSD tumbled heading into the weekend, briefly dropping below 1.38 on Friday. The Dollar gained on the Pound as the U.S. Senate passed Biden’s $1.9tn fiscal stimulus package, which will see most Americans receive a $1,400 direct payment in an attempt to revive the economy. On top of this, the U.S. bond market further reinforced the Dollar and unemployment rates surprised market expectations. However, with yields appearing to lose steam, Sterling could recover and climb to 1.40 and above over the coming weeks.

Recent Posts

See All

13th September - Weekly FX Update

GBP/EUR: Monday 9:00 UTC 13th September: 1.17174 Despite Boris Johnson ignoring the discord in his party, the decision to raise National Insurance Tax by 1.25% was made last week. This resulted in som

6th September - Weekly FX Update

GBP/EUR: Monday 9:00 UTC 6th September: 1.16662 The GBP/EUR rate started flat last week, despite Germany experiencing its highest inflation levels in 13 years. This was balanced out with lower German

31st August - Weekly FX Update

GBP/EUR: Tuesday 9:00 UTC 31st August: 1.16502 The GBPEUR was higher last week after a bounce from the sell-off the week before. After peaking to yearly highs two weeks ago, the rate is now steadily t