The British Pound started the new week on the right foot against the US Dollar and even broke through the 1.20 barrier against the Euro during Asian trading hours. Despite a slight peg to the euro during the European opening, the weakness of the single currency has increased recently due to the geopolitical tensions that still surround Ukraine and a possible eruption of war.
Data for the week will be dominated by the United States, with several releases, especially towards the end of the week. Today, PMI data came out of the Eurozone with disappointing manufacturing data. Similar results are expected from the UK at 09:30 GMT, if the reading shines in a more positive light, then GBP/EUR should make another run to 1.20 as the rate spikes higher at the time of the break. writing.
The pound is also gaining on the news that the Prime Minister is expected to announce the final exit from the Covid measures that the UK has been living with for almost 2 years. Boris Johnson will meet Cabinet this morning before making the announcement in the House of Commons.
It should be noted that today is a public holiday in the United States and Canada. This means that no same-day USD or CAD payments can be routed through the banking network.
Have a nice day.
Author: Jack Nicholls, Senior Relationship Manager.
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