Emergency BoE rate-cut stabilises Sterling

Hi everyone,

The relentless sell-off of Sterling has finally been halted, after the BoE announced a shock interest rate-cut to an historic low of just 0.1%. This and an extra £200bn being added to the economy, was seen as a positive move on the market and the Pound has recovered dramatically.

The 'go big or go home' style package means that there is literally nowhere else for the BoE to turn. All cards are on the table and this has given traders confidence. £75bn was the largest QE fund released by the BoE before yesterday. 

Thankfully for most of you, £-€ rates have gained an incredible 4% in just over 24-hours, just as things were moving fast to parity. £-$ is up 3-cents and was trading at the lowest level seen since 1985 before the announcement. Well done to those of you who have bought £ this week and have made rather extensive gains on your money.

Global stocks are starting to recover and this will be good news for £-€ exchanges, however there is still a long way to go until we know the full extent of the coronavirus damage to companies and the world. And so, it's likely stocks will plunge again near-term. At the same time, analysts are predicting to hear recession news from some of the Euro-Zone countries at any moment. 

Right now, $ is king and will continue to be so in this uncertain time.




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Friday, 20th March, 2020

14:00 US - Existing home sales


Dan Waterman
Sales Director



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