HOW HAS THE POUND BEEN PERFORMING?
Against the US Dollar
The Pound opened the week against the US Dollar at 1.3080, but dived lower as the UK released some poor manufacturing figures to start the August month. Shortly after, the UK government were getting a process together to stop a broad nationwide lock down, seeing the Pound fall to 1.2980 by Tuesday. On Tuesday afternoon, the Pound managed to gather some momentum but this was purely from a broad US Dollar sell-off. The Pound didn't rally as much as it should with all things considered as Brexit and Covid fears stalled, what could have been, an aggressive move. GBP hit a high of 1.3185 by Thursday afternoon which topped where the Pound was early March Pre-Covid madness. GBP trading at 1.3095 currently.
Against the Euro
This week the Pound opened up against the Euro just above 1.1100 seeing no real direction throughout the week. The pair were trading between the 1.1050 and 1.1100 region from Monday to Thursday with certain Brexit news and UK economic data releases making the pair move ever so slightly. The Pound did find a weekly high of 1.1130 but failed to push further, dropping back below 1.1100.
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.
ECONOMIC CALENDAR
Next week
10th August - 15th August 2020
Monday:
23:00 UK BRC Like-for-like Retail Sales
Tuesday:
08:30 UK Claimant Count
08:30 UK ILO Unemployment Rate
08:30 UK Average Earnings
12:30 US Producer Price Index
Wednesday:
07:00 UK Manufacturing Production
07:00 UK Industrial Production
07:00 UK Gross Domestic Product
09:00 EU Industrial Production
12:30 US Consumer Price Index
18:00 US Monthly Budget Statement
Thursday:
06:00 EU German CPI
06:00 EU German Harmonized Consumer Prices
12:30 US Continuing Jobless Claims
12:30 US Initial Jobless Claims
Friday:
09:00 EU Gross Domestic Product
12:30 US Retail Sales
12:30 US Non Farm Productivity
12:30 US Unit Labour Costs
13:15 US Industrial Production
14:00 US Michigan Consumer Sentiment Index
IN OTHER NEWS
Beirut explosion: Anti-government protests break out in city
Protesters clashed with Lebanese security forces at anti-government demonstrations in Beirut on Thursday.
Officers deployed tear gas on dozens of people near parliament. Demonstrators were angered by Tuesday's devastating blast, which officials say was caused by 2,750 tonnes of ammonium nitrate stored unsafely since 2013. Many in Lebanon say government negligence led to the explosion, which killed at least 137 people and injured about 5,000 others.
The explosion destroyed entire districts in the capital, with homes and businesses reduced to rubble. Dozens of people are still unaccounted for.
BBC NEWS
