Sterling Rises As Covid Cases Fall

GBP/USD keeps its range around 1.3900 amid a steady US dollar and risk recovery. Brexit optimism and fall in daily covid cases in the UK will support the pound. BOE monetary policy decision and US NFP data hold the key this week.

EUR/GBP prints some minor losses in the Asian trading hours on Tuesday. The pair failed to capitalise on the previous day’s gain and retreated below 0.8550, Mainly due to german PMI data.

Softness in the UK currency meant the Pound-to-Euro exchange rate went back below the key level of 1.17 due to people taking their money off the table before Thursday’s Bank of England Policy meeting.