HOW HAS THE POUND BEEN PERFORMING?
Against the US Dollar
TThe Pound had a fantastic start the week against the US Dollar despite it being a UK Bank holiday - the Pound just cut short of hitting 1.3400. This level is the highest level since 16th December 2019 showing good strength from the Pound during these unprecedented times. On Tuesday, the Pound kept strong, hitting through the 1.3450 region heading towards 1.3500 which would be the highest it has been since May 2018 (2 years - 4 months). The upbeat buying for Sterling was mixed from the selling of the safe - haven greenback (u.s dollar) with also positive mortgage approvals, with UK house prices higher by 0.5%, despite Brexit and current affairs with Covid.
GBP fell lower after buyers sold their positions seeing the Pound go to 1.3300 from the high of 1.3486
Against the Euro
GBP opened just above 1.1200 against the Euro seeing Sterling head towards 1.1150 on Bank holiday Monday. The Pound managed to push above the 1.1200 region mid-week despite negative Brexit news published this week. GBP has managed to keep higher above it's rival, despite the on-going talks on Britain leaving the European Union seeing GBP reach 1.1278 as the high for the week on Wednesday. Sterling is currently trading at 1.1227 trying to push through the 1.1250 region again.
Brexit, Covid & Economic Data
- If you have US Dollars or Euros to buy or sell please contact the desk. It's important to try and get the timing right with the Pound being very volatile, our desk can try and support to the best we can.
- On going meetings/negotiations with the UK & EU will fluctuate the Pound.
Please note, this can cause a negative impact for Sterling.
7th September - 11th September 2020
Monday: (Bank Holiday)
All day: U.S Labour Day
07:00: EU German Industrial Production
23:01 UK Like-for-Like Retail Sales
07:00 EU German Trade Balances
10:00 EU Employment Change
10:00 EU Gross Domestic Product
All day: UK Inflation Report Hearing
All day: EU German 10-Y Bond Auction
12:45 EU ECB Interest Rate Decision
13:30 US Producer Price Index
13:30 US Initial Jobless Claims
13:30 EU Monetary Policy Statement & Press
07:30 UK Industrial Production
07:00 UK Gross Domestic Product
07:00 EU German CPI
13:30 US Consumer Price Index
18:00 US Monthly Budget Statement
IN OTHER NEWS
Coronavirus quarantine rules: Differences across UK 'confusing', Grant Shapps says
Differences in UK quarantine rules are "confusing" for travellers, Grant Shapps has admitted, as the devolved nations take varying approaches to international travel.
The transport secretary acknowledged people's frustrations, as Scotland and Wales asked arrivals from Portugal and parts of Greece to isolate, but England and Northern Ireland held off.
Wales' rules, including only six Greek islands, began at 04:00 BST on Friday.
Travel firms called for urgent clarity.
Some holidaymakers from England say they have spent huge amounts of money to avoid quarantine that, for now, will not be in place.
While Wales' advice has already changed, arrivals to Scotland from Portugal and French Polynesia will also have to self-isolate from 04:00 on Saturday. Scotland has already reintroduced quarantine for arrivals from Greece.
Portugal, Greece and French Polynesia are still on England and Northern Ireland's lists of travel corridors.