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The EUR/GBP pair spiked towards 0.8500 on Friday as markets are being quacked by the latest Covid-19 variant developments.
The pair benefitted from a moderation of global central bank rate hikes. EUR/GBP saw sharp upside on the final trading day of the week, surging from close to the 0.8400 level to print session highs near 0.8500.
As trade draws to a close for the week a little earlier than usual thanks to the US Thanksgiving holiday weekend, the pair is trading in the 0.8480 area with on-the-day gains of about 0.85% or 72 pips.
That new trading level marks the pair’s worst daily performance since 3 November, when the Bank of England surprised markets by opting to leave interest rates unchanged.
The latest rally only takes EUR/GBP back to as high as levels seen midway through the month, and the pair remains more than 1.3% below earlier monthly highs.
