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Focus on Sterling and Euro after Swiss bank reiteration

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Traders of the British Pound were glad to see the UK currency reaching fresh one-year highs above 1.18 at the start of the week. On Monday, the single currency excelled to the highest rate since February 2020, following the several lockdowns in Europe. 


On the other hand, the UK is preparing to lift the lockdown and ease the measures against the coronavirus. “It’s a theme that keeps delivering. The UK remains on course to ease restrictions further in line with the government’s “Roadmap” at a time when lockdowns in Europe look set to widen and tighten before the worst is over. Sterling seasonals also turn positive in April,” strategists pointed out. 


At the time of writing, the GBP/EUR was trading at 1.1796, with experts expecting the price to remain for the coming weeks. Both economies have taken action on their monetary policies, with the Bank of England increasing British government bond yields, whereas the European Central Bank added quantitative easing bond purchases. “We therefore do not believe the year lows for EUR/GBP and the highs for GBP/USD have been seen. We stay short the former and stay long GBP/CHF.”


Moreover, the GBP/USD exchange rate was trading at 1.3910, following the reiteration of two major Swiss banks on the British Pound's near-term outlook. The UK currency was boosted due to the country’s vaccination programme, with 646,828 vaccine doses being administered on March 31st. 

 

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.