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Sterling Supported As Russian Invasion Intensifies

Sterling Supported As Russian Invasion Intensifies

Pound Sterling is supported above 1.20 against the Euro with analysts citing Russia’s major offensive in the Donbas region of Ukraine and last week’s European Central Bank tentative outlook as the main drivers with a number of market analysts also stating further upside for the UK currency is possible under existing global circumstances.

As trading gets underway this morning, EUR/USD opens above the 1.08 mark level with Cable (GBP/USD) trading in the lower half of 1.30-1.31. The GBP/EUR, after a strong push higher last week, has dropped off somewhat since Monday’s open to trade circa 1.2030.

Datawise and on a relatively quiet docket today, the main release of note comes in the form of the Eurozone industrial production for March. Output is forecast to rise by 0.8% barring any major surprises the data are unlikely to impact currency markets. Additionally and later this evening, the French presidential election debate between President Macron and Marine Le Pen will also garner some attention.

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