Sterling GBP ready for above $1.37 speculators net long position
Ahead of NFP Data
LONDON (Reuters) - The pound had a quiet start to the week, overall flat on the day against the dollar and euro, but analysts remained bullish on its outlook and the latest positioning data showed the speculative long position on the British currency had increased.
The pound has strengthened against both the dollar and euro in February, boosted by heightened risk appetite in global markets, optimism surrounding the UK’s COVID-19 vaccine rollout and a lessening of negative rates expectations.
Britain has injected over 12 million first doses of COVID-19 vaccines and is on track to meet a target to vaccinate everyone in the most vulnerable groups by mid-February.
“Sterling is benefiting mostly from the vaccine race – it’s really the main differentiator,” said Ned Rumpeltin, head of European currency strategy at TD Securities.
WHY ARE PEOPLE GOING LONG ON THIS GBP ?
LONDON (Reuters) - The pound had a quiet start to the week, overall flat on the day against the dollar and euro, but analysts remained bullish on its outlook and the latest positioning data showed the speculative long position on the British currency had increased.
The pound has strengthened against both the dollar and euro in February, boosted by heightened risk appetite in global markets, optimism surrounding the UK’s COVID-19 vaccine rollout and a lessening of negative rates expectations.
Britain has injected over 12 million first doses of COVID-19 vaccines and is on track to meet a target to vaccinate everyone in the most vulnerable groups by mid-February.
“Sterling is benefiting mostly from the vaccine race – it’s really the main differentiator,” said Ned Rumpeltin, head of European currency strategy at TD Securities.
WHY ARE PEOPLE GOING LONG ON THIS GBP ?
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