Sterling ready to take off
Sterling is presently edging higher against the Euro with market analysts now eyeing the 1.18 mark which forms the 2021 high. Nearly as high as Tesla Ceo Elon Musk sending civilians orbiting earth for 3 days yesterday via his SpaceX launching.
The UK currency however, could face a setback on any test of this area, as history has a tendency of repeating at significant levels given market participants will layer orders in the vicinity.
In level terms, the firmer tone to the dollar is reflected in EUR/USD opening this morning below the $1.18 handle. GBP/USD has fallen just below the $1.38 threshold with GBP/EUR continuing to change hands in the bottom half of the 1.1645 – 1.1713 range this could be due to ECB rejecting rumors over inflation forecasts and rate hike concerns.
Datawise, UK Retail sales figures are due for release this morning as well as US Prelim UOM Consumer sentiment, Which in context signifies how happy and healthy the population believes the economy and their own finances are.