Over the course of this week, the dollar has continued to weaken against both sterling and the euro.
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Sterling had an excellent day yesterday, strengthening by over 1.5% against the US dollar and between 0.5 and 1% against most other major currencies. Both pairings are now at a six week high.
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Markets can expect a variety of data releases throughout the course of today, including the MBA mortgage market index at 12pm.
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A choppy week for EUR/GBP so far. The euro is slightly weaker than the pound overall, and has maintained gains made against the dollar from yesterday.
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After making and maintaining gains yesterday afternoon, sterling is still stronger against the dollar compared to this time last Wednesday.
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In his first speech as Britain’s new prime minister, Rishi Sunak warned that more “difficult decisions” are on the horizon for the UK.
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Despite no large data releases in the euro zone yesterday, the euro made gains against the pound, which has continued this morning, and minor gains against the US dollar.
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The pound is largely unchanged on the dollar, while government borrowing costs are down for the day. Following the appointment of Sunak as PM, sterling spiked against the euro, but this was short-lived.
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