top of page
Search

12th April - Weekly FX Update

GBP/EUR

Monday 9AM 12th April: 1.15623

The GBPEUR rate saw an extremely sharp drop last week, starting out Monday at 1.18017, the rate bounced off of support at 1.15, dropping to a low of 1.15020. The rate had previously reached a high in anticipation of lockdown measures being reduced, and the possibility of a restriction-free Britain becoming more promising. However, after Boris Johnson refused to compromise on travel plans for the year, investors quickly lost interest in the Pound. The Pounds target of reaching 1.20 has certainly stalled, and it should look to establish some support. Europe have gained some momentum in closing the gap with the UK in their bid to achieve similar vaccination figures. Moreover, the European Central Bank increased hope in the Euro by delaying stimulus packages, giving the Euro some much-needed strength after the Pounds dominance over the last few weeks. Heading into this week, GDP figures released on Tuesday will set the tone for trading. Vaccination rates will also continue to impact the exchange rate as the UK and Europe compete to immunise its population first.


GBP/USD

Monday 9AM 12th April: 1.37419

The GBPUSD took a tumble last week. Concerns over the way Britain are handling its foreign travel prompted investors to sell its long positions. On top of this, the government announced that under 30's will be offered a different version of the AstraZeneca vaccine, which could halt the UK's programme and potentially delay the roadmap. There was some optimism for the Pound last week, as IMF growth forecasts expect the UK economy to grow by more than 5% in 2021 and 2022, where previously these figures were predicted to be below 1%. Looking ahead to this week, employment data will be at the forefront of U.S. news, positive sentiment could propel the Dollar forward even more. However, the Fed have been fairly cautious recently in its explanation of market direction, but with the UK entering its next stage of the roadmap exit and general optimism with extremely low cases and deaths, we could see the GBPUSD rate steady and gain some support above 1.37.

Comments


Untitled design.png
  • LinkedIn
  • Instagram

CurrencyCloud

For clients based in the European Economic Area, payment services for Go Xchange Limited are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).

For clients based in the United States, payment services for Go Xchange Limited are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.

For clients based in the United Kingdom and rest of the world, payment services for Go Xchange Limited are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). 

Currencycloud Terms of Use

GC Partners

Go Xchange's payment and foreign currency exchange services are provided by Global Currency Exchange Network Ltd T/A GC Partners. Global Currency Exchange Network Ltd is authorised by the FCA under the Payment Services Regulations, 2017 (FRN: 504346). Registered as a Money Services Business, regulated by HM Revenue & Customs ("HMRC") under the Money Laundering Regulations 2017. (Registration number is 12137189). Registered in England and Wales. Company number 04675786. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP.

© 2022 Go Xchange. All rights reserved.

Go Group Holdings

For any formal complaints, please contact us via:

Email: complaints@goxchange.co.uk

Phone: 020 3908 4662

Post: 20-24 High Street, Rayleigh, Essex. SS6 7EF

bottom of page