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Sterling continues on the backfoot this week following its GBP/EUR 12-month high of 1.18 last week.
By Sam Mills
Sterling continues to remain rangebound against a variety of its currency counterparts such as the euro and US dollar as we near the end of March.
Few things are currently being talked about more than the upcoming budget plans with Chancellor Rishi Sunak to make the announcement at 12:30 today.
The British pound is currently relishing the success the vaccine rollout has provided, leading to strength against a number of the majors.
Sterling has been on the rise this week with Tuesday seeing sterling near a 2-year high against the US dollar.
Sterling has been considerably more volatile of late considering the plethora of influential announcements being released within the last week.
Sterling continues to remain rangebound this week with marginal movements on the GBP/EUR with rates currently residing in the mid 1.11’s.
The Pound remains somewhat stagnant at present within the current political and economic landscape we currently find ourselves in.
The ongoing Brexit negotiations, as we edge ever nearer to the mid-October deadline, are still creating problems for the pound.
The pound bumped up half a percent against the euro yesterday shifting from its 1.08 levels and gradually encroached into new 1.09 territory.
Last week, sterling exchange rates took a positive turn climbing higher against the euro breaking the 1.12 barrier and reaching a 2-year high against the US dollar.
Fresh concerns around COVID-19 in the UK and Europe, and worsening economic figures coming out of the US as a result of the pandemic continue to shape the currency markets.
The UK and several EU countires are reporting better than expected economic data as countries continue to ease out of lockdown.
The latest round of Brexit discussions end today. Sterling could lose value against the euro and US dollar should the negotiations end in a stalemate.
Read this week's market report summary for the latest news affecting GBP, EUR and USD exchange rates.