Sterling rallies as PM returns to office

Hi everyone,

The Pound begins the week on the front-foot after a global stock market rally and the return of Boris Johnson at number 10. His 'welcome back' speech was mainly to say there will be no immediate lifting of lockdown, to avoid a second-peak of the coronavirus. 

The market will become increasingly sensitive to the UK's exit strategy, as if left too long, the country and economy risk being left well behind by its peers. Analysts believe that the € could soon outperform as many European countries start to get back to work in the days and weeks ahead.

The market is clearly not fixed on the epidemiology of the virus anymore, but instead exit strategies and the race to recovery. The UK finds itself in a tough position in comparison to other countries currently though. Firstly, the testing ability is way behind most and is essential for the easing of lockdown as they identify who is sick and where the cluster areas. Secondly, whilst strategy talks are underway, they seem much less developed and not transparent compared to other countries. This creates uncertainty and puts question marks over its eventual execution.  

Elsewhere, the biggest names in business release their earnings throughout this week for Q1 and the market will be watching to see just how bad some sectors/companies have been hit since the lockdown. Friday is the only day of note for economic data out of the UK, but there is plenty daily from the US & Euro-Zone especially on Thursday, so expect another volatile week. 




Upcoming Data


Tuesday, 28th April, 2020

00:00 UK - Nationwide house prices
08:00 EU - ECB publishes quarterly lending survey
12:30 US - Advance trade goods balance
14:00 US - Consumer confidence


Wednesday, 29th April, 2020

09:00 EU - Euro-Zone sector confidence
11:00 US - Mortgage applications 
12:00 EU - German CPI
12:30 US - GDP & personal consumption
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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