GBP/USD has hit a new three-month high just above 1.41 after the SNP failed to win a majority in Scotland and as the UK is set to extend its reopening. The dollar is still suffering from Friday's weak jobs report.
The price of gold is trading at $1,836.81 at the time of writing and is up on the day by some 0.30%. The bulls, however, are backing off on what could be profit-taking as the US dollar stabilises within a narrow range on Monday vs a basket of major currencies. DXY is flat and has stuck to a 90.0420/3390 window.
The UK is projected to report a 1.7% contraction in the first quarter. Optimism about a vaccine-led recovery from the second quarter onward is baked into the price. A reminder of past weakness may trigger a much-needed correction after the big breakout.