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  • Pound continues to outperform, DXY drops to one-month lows
  • Cable heads for the highest daily close since April 2018.

The GBP/USD extended the rebound from 1.3980 and printed a fresh multi-year high at 1.4068. It then pulled back modestly and it is hovering around 1.4050, about to post the highest daily close since April 2018.

The last leg higher took place during the American session amid a decline of the US dollar and also as equity prices in wall Street trimmed losses. The improvement in risk sentiment helped the pound and weakened the greenback.

The dollar was also affected by a decline in US yields from multi-month highs. The 10-year yield tested 1.40% earlier on Monday and then dropped to 1.33%. The DXY fell to 90.07, reaching a one-month low.

The pound remains strong across the board supported by positive expectations about the UK economy amid the vaccination rollout. Later on Monday, UK Primer Minister Boris Johnson will offer details about the next steps of the lockdown-easing measures  (estimated at 19:00 GMT).

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