Sterling saw moderate falls across a broad range of currencies on Tuesday following an ONS report which confirmed Q1 UK/EU trade fell 23%, with exports to Ireland down 30%. There are also growing tensions again between the EU and UK over the Northern Irish protocol. Today, the UK government is bracing itself for former Chief Advisor Dominic Cummings appearance in Parliament. He has recently been one of the most vocal critics of Prime Minister Boris Johnson and his governments policy over the Covid pandemic. He will be quizzed by two committees of senior MP’s.

Global stocks/indices have again held onto moderate gains as investor consensus remain Dollar bearish in the medium term across a broad range of currencies. There is no significant economic data due today from the USA (or UK & Europe).

The Euro is again drifting higher supported by a weaker Dollar sentiment and investor buying of the common currency against the weaker Pound too. German Q1 GDP came as per consensus yesterday.

Opening interbank levels:
GBP/USD 1.4155
GBP/EUR 1.1550
EUR/USD 1.2255