The British Pound has brushed off weekend announcements of additional Covid restrictions in the UK to go higher on Monday in tandem with a recovery in global stock markets.
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GBP/USD at new 2021 lows & GBP/EUR below 1.18 after new virus strain prompts global market panic.
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A significant 'risk off' move on global markets saw the British Pound fall against the Euro and Dollar but rise against its more risk sensitive peers ahead of the weekend.
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"We are not expecting the pound to strengthen against either the dollar or the euro. In fact, the risk is that it weakens against both" - Capital Economics.
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GBP is predicted to come under pressure against the Euro and Dollar ahead over coming weeks and months, with a more sustained recovery only likely in the second half of 2022.
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A monthly survey of UK business conditions from IHS Markit encouraged expectations for a rate hike at the Bank of England in December, which should in turn keep the Pound relatively well supported.…
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The British Pound enters the new week with a supportive wind behind it having earned the distinction of last week's best performing major currency.
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