The medium-term theme of rising global stocks and a weaker US Dollar extended in Asian markets following Friday’s close. The US Dow Jones Index continues to make new highs (now just shy of 35,000) and the UK’s FTSE 100 index is sitting comfortably above 7,100. As a result, Sterling opened earlier at $1.4040.

The SNP’s success in Scotland is having zero effect to date on Sterling as a second referendum on independence looks likely. Against the Euro, the Pound is just moderately higher having traded so far either side of €1.1550. Key resistance remains at €1.1600.

As investors remain extremely confident of a successful vaccine rollout in mainland Europe now (as well as the USA), the Euro broke the pivotal level of $1.2100 last week following the global stock/indices gains and is now trading around the $1.2150 zone.