* Graphic: Global FX rates in 2020 tmsnrt.rs/2egbfVh
* Graphic: Sterling with trade pressure from Brexit vote tmsnrt.rs/2hwV9Hv
LONDON, March 22 (Reuters) – Monetary market jitters had little impact on the pound on Monday, the dollar and euro changed little, and position data showed speculators reduced their sterling ships but they remained bullish.
Turkey’s shocking decision to fire its central bank governor began to fall in the lira, and commodity currencies weakened including the Australian dollar while the yen rose safely.
But the pound was relatively stable, up 0.1% against a weaker dollar at 0835 GMT at $ 1.3869. Against the euro, it remained unchanged at 85.83 pence per euro.
Speculators reduced their long net position on the pound against the dollar in the week to March 16, CFTC data showed. While the market remains fully bullish on sterling, the size of the bullish position has declined for the past two weeks.
The pace of UK vaccine distribution, one of the fastest in the world, kept analysts afloat about Britain’s plans to reopen. The picture was less optimistic in Europe, with Germany about to close its lock-in into its fifth month.
“It may be difficult for GBP to make much progress against the USD as Europe is battling the third wave of the virus, but EUR / GBP may continue to push support at 0.8540, ”HIE strategists wrote in a note to messengers.
The European Union threatened last week to ban the export of COVID-19 vaccines to Britain to protect scarce doses for its own citizens.
Britain said on Monday it would recall its EU pledge to allow vaccine manufacturers to fulfill orders, including the export of shots to Britain.
“The evidence of the breaches of UK trade with the EU in January is a timely reminder that although the Brexit process is over, the economic consequences will continue to flow,” JPMorgan FX analysts wrote in a note to clients.
JP Morgan said they were moving to a short position in cable “to show the bigger question marks against high-beta currencies following the latest rise in U.S. yields. ”
In Northern Ireland, there is great anger among some unionists outside Britain over the Northern Ireland protocol, which was designed to prevent a “hard” Irish border after Brexit.
In a busy week for UK economic data, January unemployment figures, February CPI data and March PMI are expected on Wednesday, while February sales data are expected on Friday.
Reporting by Elizabeth Howcroft, edited by Larry King