Gray Structure

12th February 2021

HOW HAS THE POUND BEEN PERFORMING?

Against the US Dollar

GBP/USD opened the week just above 1.3735, but by lunchtime on Monday, the pair bottomed at 1.3680 due to the overall market prompt selling during this period. Sterling managed to rebound from these lows, back above 1.3750 by Monday close. GBP gathered some momentum due to the ongoing vaccinations & BoE predictions on the overall economy. Haldane mentioned there could be a Sterling boom when all restrictions are lifted. The pair pushed to 1.3865 setting new 3 year highs against the Greenback, looking like bullish eyes could be on the 1.40 region soon. 

Against the Euro

GBP opened against the Euro just above 1.1400. The pair held itself around the 1.1350 to 1.1425 range through the whole week not managing to push further. Last week we saw the pair hit 1.1440, but with news on London losing out on a fair share of financial European business, the pair stayed around the 1.1375 region throughout the week looking for some direction.

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​

15th - 19th February 2021

Monday:

00:00 Eurogroup Meeting
10:00 EU Industrial Production

Tuesday:

10:00 EU GDP
10:00 EU German ZEW Survey

Wednesday:

07:00 UK CPI
07:00 UK RPI
07:00 UK PPI
13:30 US PPI
13:30 US Retail Sales
17:00 UK BoE's Ramsden Speech
19:00 US FOMC Minutes

Thursday:

11:00 UK BoE's Saunders Speech
12:30 EU ECB Monetary Policy Meeting Accounts
13:30 US Building Permits
13:30 US Housing Starts
13:30 Continuing Jobless Claims
13:30 Philadelphia Fed Manufacturing Survey
13:30 US Jobless Claims
15:00 EU Consumer Confidence

Friday:

07:00 UK Retail Sales
07:00 EU German PPI
07:30 CHF Industrial Production
08:30 EU German Markit PMI Composite
09:00 EU Markit PMI Composite
14:45 US Markit PMI Composite

Contact

dealing@arracofx.co.uk

00 44 (0) 208 065 4100

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