Major currencies are relatively unchanged from Fridays close with Sterling hovering just above €1.1600 as further easing of lockdown commences. Any potential spread of the Indian strain of Covid is likely that last week’s gains for The Pound have so far been limited from here, whilst against the generally weaker Dollar, we have yet to hold above the key $1.4100 level.

The latest N.Y. Empire State manufacturing index is released today, as investors remain broadly US Dollar bearish on any signs of strength. This was seen last Wednesday when stocks collapsed as USD strengthened following higher than expected inflation readings. Stocks have since regained most of their losses as the Dollar traded lower again into Thursday and Friday.

The Euro continues to trade either side of the €/$ 1.2100 pivotal level. Economic data from mainland Europe continues to lag behind that of the UK and USA, although the EU is lifting some travel restrictions as vaccine rates are gradually improving.

Opening interbank levels:
GBP/USD 1.4095
GBP/EUR 1.1615
EUR/USD 1.2133