Pound attempts recovery after 2-month lows

The Pound has found some support again in recent days.

It comes after an April sell-off saw the Pound fall to 2-months lows against the Euro.

For a while now, the GBP/EUR rate has reflected the ‘race of the rollout’.

Opposing forces are driving the Euro. The vaccine rollout is being ramped up, but that is being offset by the third wave of the virus.

The Pound is in a different place.

The UK has already undergone a rapid rollout, and the market now expects a swift economic recovery from here.

It means investors will increasingly be watching economic data coming out of the UK (jobs, growth, inflation etc).

That’s what investors used to do before Brexit and a global pandemic took over the market.

The risk for the Pound is whether it’s ‘priced for perfection’ and is susceptible to any setbacks – such as a rise in infections as rules are relaxed and people come out to play.

I would expect a bumpy ride ahead.

These are far from ordinary times!

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Current rates:

Thursday 22nd April 2021 at 09:50

£1.00 GBP = 1.1553 EURO

£1.00 GBP = 1.3902 USD

£1.00 GBP = 1.7950 AUD

£1.00 GBP = 1.9357 NZD

£1.00 GBP = 1.7381 CAD

£1.00 GBP = 19.8712 ZAR

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