The pound put in a great performance on Monday, rising strongly against its major peers. With the UK marching on with its respective reopening programs, the pound finally seems to have got the message. The greenback was weaker on the day too, which also magnified sterling’s gains.
As Tuesday’s session begins the pound is just shy of the $1.40 mark against the buck and is trading above €1.16 again versus the shared currency. GBPUSD’s gains firmly outpaced those of the EURUSD pair even though it’s now trading back above the key $1.20 psychological level. It will be crucial for these pairs to extend this momentum if these short-term trends are to continue.
Today’s economic calendar includes UK employment numbers, German producer prices, and New Zealand consumer price index readings.
Written by Viv Savani. 7:29am, April 20th 2021
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