Pound pushes to highest level in over a month.
The pound pushed to its highest levels in over a month on Tuesday, extending gains from before the Easter weekend.
GBP/EUR has risen to €1.1488, with GBP/USD trading at $1.2556. GBP/CAD has edged up to C$1.7425, while GBP/AUD and GBP/NZD are trading flatly at AU$1.9596 and NZ$2.0551 respectively.
Looking ahead, the coronavirus crisis will remain the main catalyst for market movement this week.
What’s been happening?
Sterling got off to a strong start to the week, with the currency deriving some support from the news that PM Boris Johnson left hospital after spending time in intensive care with coronavirus.
A general improvement in risk appetite also bolstered GBP exchange rates.
The euro, meanwhile, has ticked higher on speculation that Eurozone finance leaders are closing in on a deal to support the currency bloc through the coronavirus.
The common currency also benefited from the news that countries like Austria are starting to ease their lockdowns and restart their economies.
The US dollar hasn’t been faring so well however, with the safe-haven currency sliding in the face of rising risk appetite.
Ongoing concerns about the spread of the coronavirus in the US have also weighed on USD exchange rates, with cases exceeding 550,000 and deaths standing at more than 23,000.
What’s coming up?
With little data due for release today traders will remain focused on the coronavirus pandemic.
That being said, GBP investors will also be looking ahead to tomorrow’s Brexit phone call, with UK and EU negotiators set to discuss the timetable for the next round of negotiations.
EUR exchange rates could extend gains this week as long as reports continue indicating that the outbreak may have peaked in the European countries worst hit by the virus.
The US dollar may come under additional pressure this afternoon following the publication of the US consumer price index.
The report is expected to show a decline in inflationary pressure.
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