April 14, 2021 - Written by Ben Hughes
Optimism about Britain’s coronavirus recovery outlook is keeping the British Pound to US Dollar (GBP/USD) exchange rate trending with an upside bias today, as investors sell the US Dollar again. The US Dollar’s strength from earlier in the week has already faded as the latest US inflation data has done little to support the hawkish bets of markets, and investors are now awaiting coronavirus news and more US data.
Last week saw GBP/USD briefly surge to its best levels in a fortnight, but ultimately slide from 1.3830 to 1.3706 as the US Dollar benefitted from Sterling’s own broad losses.
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January 29, 2021 - Written by David Woodsmith
While safe haven demand has been rising on market uncertainty in recent sessions, this did not stop the British Pound to Japanese Yen (GBP/JPY) exchange rate from jumping to its best levels in almost a year. While the Yen is typically more correlated with market sentiment than domestic news, a slew of negative Japanese data combined with some US Dollar (USD) strength left the Yen unappealing.
After opening this week at the level of 142.00, GBP/JPY briefly dipped lower but has since been spending the week trending higher and higher.
Due to a combination of the Pound’s surprising resilience in recent weeks, and strength in the Yen’s rival the US Dollar, GBP/JPY touched on a new 11-month-best of 143.38. This was the best level for the pair since February 2020, and with February 2021 right around the corner it shows that GBP/JPY may have recovered the past year’s losses.