GBP trades mixed against USD, EUR, while dollar index slips below 91

2 min read | April 24, 2021 12:33 AM AEST | By Abhijeet

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GBP trades mixed against USD, EUR, while dollar index slips below 91 — Image source: kamui29, Shutterstock

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Summary

GBP traded mixed against USD and the euro on 23 April.

The US dollar index slipping below 91, supported sterling.

At 1343 GMT, GBP to USD pair traded at 1.3861, up 0.18 per cent.

The Great Britain pound (GBP) had a mixed-bag of trade against the major currency counterparts -- the United States dollar (USD) and the euro in the afternoon deals on Friday, 23 April, while the US dollar index dipped below the crucial mark of 91. The US dollar index, the metric that tracks greenback’s strength against a basket of six major currencies, slipped below 91.

As per the latest foreign exchange data available, the US dollar index was trading at 90.960, down 0.40 per cent from the previous close of 91.321. The weakness in the US dollar can be attributed to the anxiousness amid the US investors ahead of the major macroeconomic data as the US Census Bureau is slated to release the new home sales data for March 2021.

Following the persisting weakness in the greenback, the GBP to USD pair managed to hover in green even after a significant fall in the late deals. At around 1343 GMT, the currency pair was trading at 1.3861, up 0.18 per cent from the previous close of 1.3836. During the intraday session so far, the pair has oscillated between a low and high of 1.3835 and 1.3897, at the interbank foreign exchange market.

GBP vs USD chart (23 April)

(Source: EODHD/Others, Thomson Reuters)

Meanwhile, the GBP to EUR pair traded in the negative region after an unusual downtick in the terminal deals. The currency pair was trading at 1.1484, down 0.25 per cent from the previous mark of 1.1514.

In the intraday session so far, the GBP vs EUR pair has shuttled between a low and high of 1.1479 and 1.1532, respectively. In the last couple of weeks, the value of sterling has repeatedly dropped below 1.15 EUR.

European Central Bank President Christine Lagarde is due to deliver a speech on 23 April. The Bank of England had fixed a reference exchange rate of 1.3846 USD and 1.1517 EUR against a unit of pound sterling on 22 April.

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