Sterling hits 3-week high against Euro

It has been a good week for the Pound with 1% gained and so far sustained against a basket of currencies. It looks like Sterling will complete a second consecutive week of advances, which is welcome news to most. A third week could be on the cards IF there is positive news from the Brexit talks which continue in Brussels.

Talks ended prematurely again this week, but the market has opted to not read too much into it this time round. There are unconfirmed reports that the EU are willing to compromise on fishing rights and that a number of 'landing zones' on hot topics are now in place. It is interesting though that since the Brexit vote, the EU have hammered home that 'time is short' to negotiate and the last two-weeks have seen a full day's meeting cancelled..

This morning, analysts have highlighted another consideration for the Pound's poor June performance. The Euro has been outperforming in recent weeks due to data proving that the Euro-Zone's economy is emerging from the crisis much faster than anticipated. Recent Danske Bank data shows that the UK has been lagging behind the US & Europe, because of the later lockdown and emergence from. With the UK nearly 'fully' open for business and ongoing positive coronavirus data, it may well be that the UK smashes the Euro-Zone recovery and prop up the Pound in the coming weeks.

 
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