Latest stock rally lifts the Pound

Sterling starts the week in the green against the majority of currencies, after global stocks and commodities rise. It seems investors are happy to take the risk on, despite record high Covid-19 cases over the weekend and local lockdowns being enforced around the world. As we keep mentioning, the Pound is practically pegged to the stock market for now and £ rises when stocks are performing well and vice-versa.

A Bloomberg report is doing the rounds today, that suggests the EU & UK have created a 'landing zone' that could form the basis of an agreement. This obviously contradicts reports from last week of why Friday's session was cancelled. Any leaks on this will be positive for the £ and further still if they are confirmed by an official negotiator. The source says 'the two-sides are heading for a stripped down agreement that includes a free trade deal eliminating tariffs'. Take from that what you will..

 

Looking ahead for the week and on Wednesday, Chancellor of the Exchequer Rishi Sunak is to address how the Government plans to further help the economy. Depending on how deep the pockets are, this could aid the Pound slightly in what is otherwise a quiet week on the data-front. Brexit negotiations are to take centre stage with under 4-months remaining for a deal to be agreed. Talks begin again in London today.

 
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