|Day's range||1.262 - 1.262|
|52-week range||1.1477 - 1.3510|
British pound has had a very bullish week, as we continue to see a rally. Every time it looks as if it is going to fall, buyer step in to pick up yet again.
The British pound initially fell a bit on Friday but continues to find support as we broke back above the 200 day EMA by the time New York got online.
Buy-to-let and holiday homes are among those able to benefit from lower stamp duty costs under the government's plans in England and Northern Ireland.
GBP/USD briefly traded at a fresh three-week high yesterday before turning lower to post a small daily loss which ended a four-day bullish streak.
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HMRC said a 57-year-old had been released under investigation after raiding a property in the West Midlands over suspected furlough fraud and other offences.
"The question is whether Fitch decides to be tough and downgrade Italy. We expect that it will remain on hold given that the ECB and EU are showing strong support for Italy through QE and the expected recovery fund," said Danske Bank.
The British pound broke even higher during the trading session on Thursday and has cleared the 200 day EMA quite handily.
The Chancellor has announce a groundbreaking plan to give citizens 50% off restaurant meals in August.
The UK pharmacy chain said the 'difficult' decision was needed to survive the crisis.
The chancellor said strong recovery and saving jobs was key for the public finances, but declined to rule out tax rises in future after his summer statement.
The British pound is an outperformer this week with GBP/USD rising to highs overnight not seen since the middle of June.
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PageGroup and Robert Walters both announced they had shed staff with the coronavirus battering labour markets worldwide.
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GBP/USD continues its upside move and tries to settle above the high end of the current trading range.
Elsewhere, the USD/CNY pair slid 0.2% to 6.9878. The yuan was boosted by better-than expected inflation data for June, with producer prices falling 3% year-on-year. The drop in the PPI was smaller compared with the previous month’s drop of 3.7% and the 3.2% drop analysts had generally forecast. However, the pair is being supported most by the rally in Chinese stocks, which continued for an eighth straight day on Thursday.
It’s a relatively quiet day on the economic calendar. Expect the weekly jobless claims from the U.S, Brexit, and COVID-19 to draw attention.
British pound has pulled back on Wednesday, only to turn around and rally yet again. It’s been a bit of an enigma because it rallies in the face of danger.
The government will pay up to £10 per head towards people's restaurant bills for the month of August.