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Easing of EU lockdown measures affecting Sterling

Hi everyone,

The Pound has found it tough to break through the £-€1.15 mid-market barrier of late, after finding some stability throughout April. Since March's crash, Sterling has been trading at an average of 1.14, but has been unable to breakthrough the psychological barrier of 1.15, due to coronavirus and Brexit uncertainty. 

Today, the Euro finds some strength after Spain and France announce further plans to ease lockdown. The UK finds itself lagging behind its peers in terms of a plan and transparency of one, which is starting to hurt £. The quicker a plan is in place, the better Sterling will perform. 

The Brexit extension deadline is just 9-weeks away and Societe General are predicting a fresh bout of market nerves in due course that will deeply hit Sterling. The recent Brexit talks yielded limited progress and with only three meetings remaining before 'time is up' to ask for an extension, we could be headed for low £-€ rates again soon.

For now, the Pound finds itself trading at fair levels across the board. Tomorrow, there is much data to look out for that will make for a volatile day, as the Euro-Zone show what damage coronavirus is doing. It's a simple case of better than expected figures will help the €, worse than expected will weaken the singe currency. Time to flip a coin..

 

 

 

Upcoming Data

 

Wednesday, 29th April, 2020


14:00 US - Pending home sale
18:00 US - FOMC interest rate decision
18:30 US - FED chair Powell conference


Thursday, 30th April, 2020


05:30 EU - French GDP
06:00 EU - German retail sales
07:55 EU - German unemployment rate
09:00 EU - Euro-Zone CPI, GDP & unemployment rate 
10:00 EU - Italian GDP
11:45 EU - ECB rate decision 
12:30 EU - ECB President Lagarde conference 
12:30 US - Initial/continuing jobless claims, personal income/spending 




Friday, 1st May, 2020

 
08:30 UK - Consumer credit & mortgage approvals 
14:00 US - Employment, manufacturing & construction spending 
  

 
 
 


Dan Waterman
Sales Director

 
 
 


 

 
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