The GBP/EUR rate remains right at the top of the 12 month range. This is promoted by a number of points, the two most salient of which are the UK's current response to the Omicron variant and also the UK's moves with regards to the Bank of England interest rate which is expected to be increased again this month.
The longer the Pound rate stays at this level the more likely it is to break out to the upside. However the flip side of that argument is if the rate gives up it's gains it could drop very quickly as profit taking ensues.
The Euro versus Pound story is similar with the other majors such as the Dollar, Canadian Dollar, Japanese Yen, Australian Dollar, Swedish Krona and Turkish Lira. The Pound looks strong, but the rally has slowed down therefore into a bit of a range across the board.
Today sees a return to US led data with ADP employment numbers and the US Federal Open Market Committee (FOMC) minutes which could move the Dollar rate.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
US: 13:15 ADP Employment Change
US: 19:00 FOMC Meeting Minutes
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