Pound (£)

The Pound has made gains against a weaker Dollar but has been stagnant against the Euro. The focus today will be the Budget statement delivered by Chancellor Sunak at 12:30pm. The market will pay close attention to economic forecasts, tax announcements as well as further grants to businesses before deciding which way the Pound will go.

Euro (€)

The Euro has seen very little support as Germany is reported to be extending its lockdown restrictions until Easter. In addition, exports from Germany to the UK dropping by 30% in January compared to a year ago due to Brexit. Italy will also introduce further restrictions in the run-up to Easter.

Dollar ($)

The Dollar has weakened after US Treasury bond yields fell slightly which decreased demand for the Dollar. In addition, there is a lack of demand for safe-haven currencies like the Dollar as the market remains optimistic about a strong US economic recovery.