The pound stabilised against the euro yesterday, although it has already began to slip this morning as positive European PMI data has reached the markets, dropping below €1.19.
The US dollar has strengthened against both GBP and EUR following the reappointment of Jerome Powell as Federal Reserve Chair. He is seen as more hawkish choice than his new deputy Lael Brainard, who was also in the frame for the top job, which encouraged the currency markets to support the dollar.
This week the Fed will have a huge range of data to chew over as it ponders the future of monetary policy.
Aready affecting the pound and euro is Markit PMI, a bit of bright news for EUR amid the rapid rise in Covid-19 cases in mainland Europe which is being combatted with new lockdowns and travel restrictions.
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