HOW HAS THE POUND BEEN PERFORMING?
Against the US Dollar
GBP opened the week at 1.3030 seeing GBP tumble -1.5% on Tuesday. Reasons being, BoE were reported to be asking banks for information about their readiness for negative interest rates and BoE's Haskel said "they are keeping an open mind" about them. The Pound bottomed at 1.2865 with tension building on Boris's Brexit deadline yesterday but Sterling managed to pull back above 1.2900 where we saw a fairly choppy week seeing no sense of direction. Big day for Cable today as the EU gave an ultimatum to the UK PM to agree on concessions and reach a trade deal or get ready for a no-deal Brexit.
Against the Euro
GBP started the week just above 1.1030 on Monday morning, with a nice positive start from Sterling pushing higher to the 1.1080 region. Unfortunately, with the government announcing new Covid rules for the UK, GBP suffered and managed to enter below the 1.10 region. It wasn't long before GBP managed to push back and recoup its losses with new Brexit optimism before Boris's deadline yesterday, hitting 1.1100. GBP's direction remains "headline dependant" with plenty more negative outcomes than positive at the moment
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.
19th October - 23rd October 2020
15:05 UK BoE's Cunliffe Speech
16:00 UK BoE's Cunliffe Second Speech
23:50 UK BRC Like for Like R-Sales
13:30 US Building permits
13:30 US Housing Starts
07:00 UK CPI
07:00 UK Public sector net borrowing
07:00 UK PPI Core Output
07:00 UK Retail Price Index
13:10 UK BoE's Ramden speech
18:00 US Fed's Beige Book
07:00 EU CFK Consumer Confidence
12:00 UK CBI Industrial Trends Survey
13:30 US Initial Jobless Claims
15:00 EU Consumer Confidence
23:00 UK GFK Consumer Confidence
07:00 UK Retail Sales
08:15 EU Markit Manufacturing
09:00 EU Markit Services PMI
09:30 UK Markit Manufacturing PMI
14:45 US Markit Manufacturing PMI