GBP

Sterling has slipped below 1.4200 today as UK manufacturing growth came in lower than consensus at 65.6 vs 66.1, although still coming in at a thirty year high. Also weighing on GBP in the short term are concerns about a suspected third wave of Covid delaying the UKs potential full easing of restrictions on the 21st June.

EUR

The Euro is trading slightly higher today after better than expected Eurozone manufacturing data. Italy reopening and German Covid cases dropping sharply are also factors underpinning the Euro in the short term.

USD

The USD is broadly unchanged against a basket of currencies this morning as the market awaits US manufacturing data later today. The short term direction of the USD is likely to be decided by the US jobs report due to be released on Friday. Many analysts expect the weakening overall trend to continue.