XE Market Analysis: Europe – Feb 24, 2021

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The pound and the New Zealand dollar surged to fresh trend highs, which along with a side theme of yen weakness, provided the main action during Asian trading ahead of the London interbank open. Cable spiked by some 180 pips from yesterday’s New York closing level in posting a fresh 36-month high at 1.4234. The pair subsequently settled lower, to the upper 1.4100s, which still left sterling with a near 1% gain on the day. At the same time, EUR-GBP dropped sharply, to a one-year low at 0.8541, while GBP-JPY stormed above the 150.00 level for the first time since May 2018.