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Summary
- The GBP extended gains in the early morning deals on Wednesday
- The sliding dollar index acted as a catalyst in the sterling’s recovery
- BoE had fixed a reference rate of 1.3732 USD vs a unit of pound on 13 April
The Great Britain pound (GBP) extended gains in the early morning deals on Wednesday, 14 April, against the United States dollar (USD), reclaiming a level above 1.38 after a week. The pound sterling is once again back on a rising streak as it has been continuously gaining in the present week, recognising a sharp bounce today. The sliding US dollar index, the index that tracks USD’s value against a basket of six currencies, acted as a catalyst in the sterling’s recovery from the recent slumps.
According to the latest foreign exchange data available, the GBP to USD pair was trading at 1.3805 (0843 GMT), up 0.41 per cent from the previous close of 1.3748. In the intraday session so far, the currency pair has oscillated between a range of 1.3749 and 1.3809, traversing approximately 70 basis points.
The Bank of England had fixed a reference currency conversion rate of 1.3732 USD and 1.1513 EUR against a unit of pound sterling on 13 April.
Forex market participants will be looking for cues from the speech of Jonathan Haskel, External member of the Monetary Policy Committee, Bank of England, scheduled later today. On 15 April, BoE is slated to release the credit conditions survey followed by the speech of Sir John Cunliffe, Deputy Governor, Financial Stability, BoE, on 16 April.
The prospects of the pound sterling have been largely battered by the unending repercussions surrounding the roll-out of the Covid vaccine jointly developed by the University of Oxford and AstraZeneca (LON:AZN). The so-called issues pertaining to the blood clot formation in some people who have received the AstraZeneca vaccine have resurfaced from different geographies.
However, the Medicines and Healthcare products Regulatory Agency (MHRA) has conditionally restated that the AstraZeneca vaccine is safe for administration. The apparent issue has seemingly diminished the stance of the UK, being one of the flag bearers in the race of providing a Covid-19 vaccine on the global platform.
