Gray Structure

12th March 2021



Against the US Dollar

GBP/USD opened the week at 1.3850. Markets had close eyes on BoE's Bailey speech, which was due on Monday morning titled, "The Economic Outlook". Explained in more detail "in other news" (below), the overall conclusion of Bailey's speech was positive for the UK economy but with some worry with inflation in the short term. On Wednesday, GBP managed to get some traction, pushing higher towards 1.3950 region as release of U.S inflation figures put pressure on the US Dollar. Last night, the Pound tested the Dollar and managed to brush past the 1.40 mark after better than expected UK (monthly) GDP figures came in at -2.4% instead of projected -4.9%. 

usd 12th Mar.JPG

Against the Euro

GBP opened against the Euro at 1.1620, seeing a sudden spike on Monday morning. The pair pushed to 1.1675 by Monday evening after a promising speech from BoE's Bailey's outlook on the UK Economy. The pair stayed fairly sideways with no real direction for the rest of the week, seeing highs of 1.1698 and lows of 1.1650. It seems GBP is in a fairly good position and holding itself around the 1.16/1.17 region.  

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.


Next week​

15th March - 19th March 2021


00:00 EU Eurogroup Meeting


07:00 EU Ecofin meeting
10:00 EU ZEW Survey
10:00 EU German ZEW Survey
12:30 US Retail Sales


10:00 EU Consumer Price Index
12:30 US Building Permits
12:30 US Housing Starts
18:00 US FOMC Economic Projections
18:00 US FOMC Economic Projections 
18:00 US FED Interest Rate Decision
18:30 US Fed's Monetary policy Statement


10:00 EU Labour Cost
12:00 UK BoE MPC Vote unchanged
12:00 UK BoE MPC Vote Cut
12:00 UK BoE Asset Purchase facility
12:00 UK BoE Minutes
12:00 UK BoE Vote Hike
12:00 UK BoE Interest Rate Decision
12:30 US Continuing Jobless Claims
12:30 US Initial Jobless Claims
12:30 UK BoE's Haldane Speech


00:01 UK GfK Consumer Confidence 
07:00 EU Producer Price Index