21st February
- GBP Support: Strong UK retail sales add to positive economic data, potentially boosting GBP.
- EUR Weakness: Political uncertainty ahead of German elections may weigh on the euro.
- USD will the correction continue?
Recap
· USD Correction: Continued decline driven by optimism over a potential US-China deal and weaker US data.
· UK Retail Sales: Surged 1.7% in January, rebounding from a 0.6% drop in December.
· Stronger UK Data: Retail figures add to a week of robust UK economic performance, supporting GBP.
Today’s Rates
Today's Interbank Rates at 10:25 am against GBP movement.
GBP>EUR – 1.2084
GBP>USD – 1.2653
EUR>GBP – 0.8275
EUR>USD – 1.0470
GBP>CAD – 1.7923
GBP>AUD – 1.9755
GBP>SEK – 13.468
GBP>CHF – 1.1372
GBP>PLN – 5.0377
GBP>AED – 4.6475
GBP>HKD – 9.8337
GBP>ZAR – 23.220
Today’s Key Takeaways
· PMI Releases Today: Key manufacturing and services data from the UK, EU, and US will provide insight into economic performance.
· USD Correction in Focus: While PMI data will impact FX, the broader market narrative revolves around how much further the USD correction can extend.
· GBP & EUR Upside Potential: GBP/USD and EUR/USD could revisit December highs if the USD weakness continues.
· EUR Uncertainty: Potential weakness in the euro ahead of Sunday’s German elections, as market nervousness may weigh on the currency.
21st February 2025
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