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Source: ALAUR RAHMAN, Shutterstock
Summary
- Pound gained strength vs USD as England started to reopen.
- The GBP to USD pair was trading at 1.3776, up 0.50 per cent.
- Domestic currency has depreciated more than 600 bps in a month.
The Great Britain pound (GBP) gathered pace against the United States dollar (USD) in the late morning deals on Monday, 12 April, as England started to reopen in line with the directions laid out in the second stage of the phased easements planned by the government. Pound sterling displayed strongness against the greenback after the US dollar index, the metric gauging USD’s value vs a basket of six currencies, slipped more than 30 basis points.
The futures linked to the Dow Jones Industrial Average traded marginally lower, indicating a tad lower start to Wall Street, also battered the sentiments of forex investors.
As per the latest foreign exchange data available, the GBP to USD pair was trading at 1.3776, up 0.50 per cent from the previous close of 1.3708. During the day so far, the currency pair has shuttled between a broad range of 1.3670 and 1.3768, traversing nearly 100 basis points.
The domestic currency has depreciated from its multi-year high level of over 1.42, achieved in the last week of February 2021, to near 1.36 mark within a month at the interbank foreign exchange market. The plan of phased reopening, easing of restrictions for businesses, as well as travel, lifting the volumes of cross border trade are some of the factors that can provide a much-needed thrust to pound sterling.
Pound sterling registered a sharp fall from above 1.39 to sub 1.36 levels against the US dollar after the apparent issue of blood clot formation with AstraZeneca-Oxford University vaccine resurfaced, denting the prospects of UK being one of frontrunner in providing the Covid-19 vaccine on a global scale.
The Bank of England had fixed a currency conversion rate of 1.3729 USD and 1.1548 EUR against a unit of pound sterling on 9 April.
