Pound trades at a 3-week high against the Euro

Hi everyone,

Sterling is down 0.5% across the board today after global stocks fall slightly, prompting investors to flock into the safe haven currencies. It has been a resilient £ this week and £-€ rates once again look more favourable. 

UK PMI data for March, showed the sharpest fall since records began. This is no real surprise given the current climate, but means there will no doubt be a deeper contraction in the services sector in Q2. The Euro-Zone faced the same outcome with Italy showing extremely shocking levels.

The inability of EU countries being unable to agree on a joint fiscal response to the coronavirus outbreak is causing market uncertainty. Germany, Holland & Austria are against pooling the risk equally, over fear of having to fund the programme mostly themselves. 

The unemployment figures seen currently in the US are unprecedented. Over 6-million jobless claims were made just last week. This is sure to put the US into a deep recession, but will mean the $ will get stronger. This is because the Dollar is a 'countercyclical' currency and is given a huge lift when there is global risk and uncertainty. 




Upcoming Data

Friday, 3rd April, 2020

14:00 US - Non-manufacturing/services composite 


Dan Waterman
Sales Director



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