The pound fell against many of its counterparts on Monday, racking up its fourth consecutive day of losses against the US dollar. After attempting a rally towards the $1.39 level in early European dealing hours, the pound’s failure at the $1.3875 area saw it sell-off back to $1.38. It could not hold its ground here and subsequently slipped to the $1.3750 area.
It’s a big week for the pound with significant pieces of economic data set for release as well as the ongoing tension with the European Union over vaccines. Yesterday’s employment data was mixed. Unemployment dropped to 5%, however, with the furlough scheme still in effect, and supporting 6 million Brits, the true number of unemployed is sadly yet to be defined.
Today’s session sees more economic numbers. The latest snapshot of inflation is scheduled along with March flash PMI data. These could affect the pound which has continued to fall further overnight, tapping the $1.37 level against the greenback.
8:16am, March 24th 2021
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