Gray Structure

5th March 2021

HOW HAS THE POUND BEEN PERFORMING?

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Against the US Dollar

GBP/USD opened the week just shy of 1.40 but didn't manage to push any higher. The UK released their Manufacturing PMI for the month, which came in higher than expected but still had no impact on the Pound. By Tuesday mid morning, the pair dropped below 1.3900 for a moment but managed to bring itself back up towards the 1.3950 region by mid-week. The UK released the 2021 budget on Wednesday from Rishi Sunak, but the Pound held itself steady around the 1.3980 mark but the pair has dropped the morning trading at 1.3860.

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Against the Euro

GBP opened against the Euro at 1.1550 gradually rising from Monday morning as the Pound has been amongst the best-performance currencies in the G10 department. The pair reach to 1.1600 again but didn't manage to push higher trading between the 1.1550 and 1.1600 region throughout the mid-week. With the UK's budget released and overall vaccine optimism for Britain, the Pound managed to hit a weekly high of 1.1630 on Thursday.   

Brexit, Covid & Economic Data

- If you have US Dollars or Euros to buy or sell please contact the desk. It's important to try and get the timing right with the Pound being very volatile, our desk can try and support to the best we can.


Please note, this can cause a negative impact for Sterling.

ECONOMIC CALENDAR

Next week​

8th March - 12th March 2021

Monday:

06:45 CHF Unemployment Rate
07:00 EU German Industrial Production
10:00 UK BoE's Governor Bailey Speech

Tuesday:

00:01 UK BRC Like-For-Like Retail Sales
07:00 EU German Trade Balance
10:00 EU GDP

Wednesday:

12:30 US Consumer Price Index
19:00 US Monthly Budget Statement

Thursday:

12:45 EU ECB Interest Rate Decision
12:45 EU ECB Deposit Rate Decision
13:30 US Continuing Jobless Claims
13:30 US Initial Jobless Claims
13:30 EU ECB Monetary Police Statement & Conference

Friday:

07:00 UK Manufacturing Production
07:00 UK Industrial Production
07:00 UK GDP
07:00 EU German Harmonised Index of Consumer Prices
10:00 EU Industrial Production
13:30 US Producer Price Index
15:00 US Michigan Consumer Senitment Index