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Weekly FX Update

GBP/EUR

Monday 9AM 29th March: 1.17397

Despite an expected quiet Monday trading session for GBPEUR, the rate hit another 12-month high this morning at 1.17458. The Euro continues to weaken as European coronavirus cases continue to rise as the slow rollout of vaccines inflames the situation even further. Investors are becoming increasingly nervous with the way European countries are handling the situation, especially in President Macron's France. The Pound remains strong as the Moderna vaccine creates optimism, combined with the fact that today, the UK enters its first stage of its lockdown roadmap with lifted restrictions.


GBP/USD

Monday 9AM 29th March: 1.38131

After Fed Chair Jerome Powell announced that the Fed would support the U.S. economy for the foreseeable future, he continued to reassure that market inflation would not be a problem, as a result the Dollar traded very steadily against a strengthening Pound last week. Optimism regarding Britains vaccination and economic outlook recovered some losses on the Dollar, after reaching a weekly low of 1.36759. Markets and investors will be waiting for the UK GDP figures which will be released on Wednesday. In the wake of a successful rollout of U.S vaccinations and Biden's stimulus package, the U.S. consumer confidence, released on Tuesday, is expected to reveal positive news for USD.


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