Pound (GBP) Rallies to One-Month High
The Pound (GBP) got off to a strong start this week, climbing to its highest levels in over a month as it extended its gains from before the Easter weekend.
This continued rally was supported by the news that Boris Johnson has left hospital after spending time in intensive care after contracting the coronavirus.
Looking ahead, the focus for GBP investors is likely to be on the upcoming Brexit phone call on Wednesday, in which UK and EU negotiators are expected to discuss the timetable for the next round of talks.
Euro (EUR) Buoyed by Coronavirus Optimism
The Euro (EUR) ticked higher on Monday, supported by a sustained fall in the number of coronavirus cases and deaths being reported in Italy and Spain.
This has bolstered hopes that the coronavirus outbreak may have peaked in the European countries worst hit by the disease.
As some countries, like Austria, begin to ease their lockdowns and start to slowly restart their economies, the Euro may be able to maintain its upward momentum this week.
US Dollar (USD) Dented by Improved Risk Sentiment
The US Dollar (USD) remains on the back foot as improving market sentiment undermines demand for the safe-haven currency.
Also weighing on the ‘Greenback’ are concerns about the US coronavirus outbreak as confirmed cases top 550,000 with over 23,000 deaths.
Expect to see the US Dollar remain on the defensive as long as the US remains the global epicentre of the coronavirus pandemic.
Canadian Dollar (CAD) Buoyed by Oil Production Cuts
The Canadian Dollar (CAD) rallied on Monday, with the oil-sensitive currency buoyed by the news that OPEC and its allies had reached an agreement to cut crude production in light of the fall in global demand due to the coronavirus pandemic.
Australian Dollar (AUD) Lifted by Upbeat Market Sentiment
The Australian Dollar (AUD) remained buoyant overnight on Monday, with the risk-sensitive currency extending its recent gains in light of the improved market mood.
New Zealand Dollar (NZD) Strengthens on Fading Coronavirus Concerns
The New Zealand Dollar (NZD) moved in a similar pattern to the Australian Dollar (AUD) in overnight trade, rising on the back of hopes that some countries may be in a position to start reopening their economies after an extended coronavirus lockdown.