HOW HAS THE POUND BEEN PERFORMING?
Against the US Dollar
GBP opened on Monday morning at 1.3180 seeing a strong rise from GBP. On Tuesday morning, Sterling went through the 1.3200 region, with help from the UK economic docket seeing better than expected employment figures and was further helped by Matt Hancock asking the "NHS to be ready to roll out the Covid vaccine before Christmas". The Pound on Wednesday hit a 2-month high of 1.3312 but failed to keep this steady position as Brexit worries came into play, hearing that they will not meet the informal weekend deadline, seeing prices fall back down to 1.3150.
Against the Euro
Sterling opened the week at 1.1083 against the Euro and performed well breaking the 1.1100 barrier in the afternoon session, setting the Pound on a rally for the start of the week.
Some reassuring data releases from the UK early on Tuesday morning and further details emerging on the potential Oxford COVID-19 vaccine. The Pound was again testing the market with a move higher into the 1.1200 range and reaching a high of the week of 1.1285 late on Wednesday night.
Some of the early gains for the Pound retracted on Thursday morning with UK GDP figures slightly missing expectation with the V shaped recovery that we have heard so much about appearing more like a W with the second UK lock down causing further cloud for the Pound.
As it stands on early Friday morning, Sterling is currently trading around 1.1125 against the Euro.
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
15th November - 20th November 2020
Monday:
09:00 EU Italian CPI
Tuesday:
13:30 U.S Retail Sales Control Group
13:30 U.S Retail Sales
14:00 UK BoE's Governor Bailey Speech
14:15 US Industrial Production
17:00 UK BoE's Ramsden speech
19:00 U.S Fed's Williams Speech
Wednesday:
07:00 UK CPI
07:00 UK Retail Price Index
07:00 UK Producer Price Index
07:00 UK PPI Core
10:00 EU CPI
10:30 UK BoE's Haldane Speech
13:30 US Building Permits
13:30 US Housing Starts
17:15 Fed's William Speech
Thursday:
13:30 US Continuing Jobless Claims
13:30 US Initial Jobless Claims
15:00 US Existing Home Sales
Friday:
07:00 UK Public Sector Net Borrowing
07:00 UK Retail Sales
07:00 EU PPI
15:00 EU Consumer Confidence
