GBP Stays Flat as US Dollar Bounces to Green

2 min read | April 15, 2021 10:53 PM AEST | By Abhijeet

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GBP Stays Flat as US Dollar Bounces to Green

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Summary

The GBP traded flat against the USD in the pre-afternoon deals on Thursday

The GBP to EUR pair traded higher as sterling bounced marginally vs the euro

Central Bank of the Republic of Turkey maintained the repo rate at 19 per cent

The Great Britain pound (GBP) turned flat against the United States dollar (USD) in the pre-afternoon deals on Thursday, 15 April, after the US dollar index bounced back in green following a 20 basis point recovery. The US dollar index, which tracks greenback’s strength against a basket of six currencies, touched an intraday high of 91.71. As a result of the dollar’s restored strength, the pound sterling slipped into the negative region after hitting a day’s high of 1.3809.

According to the latest foreign exchange data, the GBP to USD pair was trading flat at 1.3777, down 0.1 per cent from the previous close of 1.3778. In the intraday session so far, the currency pair has oscillated between a high and low of 1.3809 and 1.3763, respectively, at the interbank foreign exchange market.

On the other hand, the GBP to EUR currency pair traded slightly higher as sterling staged a marginal comeback against the euro. The pound has been the target of adverse reactions of several nations with regard to the efficacy and aftereffects of the AstraZeneca vaccine.

Also Read: Three currency pairs gaining ground, what are chartists looking at in 2021?

In the last 10 days, the GBP vs EUR pair lost drastically to a sub-1.1500 level from a 52-week high of 1.1804, recognised in the first week of April. The Bank of England had fixed a currency conversion rate of 1.3781 USD and 1.1515 EUR against a unit of pound sterling on 14 April.

Forex market participants will be eyeing the retail sales data in the United States for the month of March to better gauge the strongness of the greenback. Meanwhile, the Central Bank of the Republic of Turkey (TCMB) today decided to maintain the repo rate at 19 per cent, under the newly-appointed Governor Sahap Kavcioglu.

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