The pound saw a solid rise in Monday’s morning session, taking it above $1.38 and €1.17 against the US dollar and euro. Positive sentiment was strong following Friday’s announcement of a Memorandum of Understanding between the UK and EU in reference to financial services in this new post-Brexit environment.
However, the pound saw its handsome gains eroded in the afternoon as the sellers exerted themselves. After tapping €1.1750 and $1.3840, sterling lost momentum and quickly reversed course. Both $1.38 and €1.17 handles were rapidly lost in what was a strong 2-hour sell-off.
Today’s economic calendar is light with eurozone consumer sentiment and German regional inflation readings the key highlights.
8:15am, March 30th 2021
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