Sterling recovers after PM's hospital admission

Hi everyone,

The Pound was trading down first thing this morning, after the news that Boris Johnson had been admitted to hospital. Even though the move was precautionary, some traders believed it was enough to trade out of £ for. However, as soon as the European markets opened, the Pound rallied and continues to trade around same levels seen last Friday.

Earlier today, the UK & Germany delivered 10-year lows for construction activity in the month of March. This is not surprising, but gives a benchmark of what April and May are sure to bring also. UK consumer confidence is at its lowest for 45-years, as the lockdown keeps families from spending money on big purchases, as well as the pandemic causing job security worries.

Global stock markets are trading steadily today with the FTSE-100 gaining 3%. This is on the back of Spain, Italy & Germany showing signs of the virus slowing. According to Reuters, Germany is preparing to outline requirements to start easing lockdown restrictions. If true, this is significant news and a major step back into normal life.

Data-wise, the week belongs to the US with important figures coming out daily. It's hard to guess how the $ will respond Germany has key data tomorrow & Thursday morning, which could weaken the € and the UK has a flurry of figures Thursday morning which will undoubtedly impact the £.

 

 

 

Upcoming Data
 

 

Tuesday, 7th April, 2020


06:00 EU - German industrial production
08:30 UK - Labor costs
19:00 US - Consumer credit
 

Wednesday, 8th April, 2020


11:00 US - Mortgage applications
18:00 US - FOMC meeting
23:00 UK - House prices


Thursday, 9th April, 2020


06:00 EU - German trade balance
06:00 UK - Construction, manufacturing & industrial production
06:00 UK - Trade balance & monthly GDP
12:30 US - Jobless claims




Friday, 10th April, 2020

 
12:30 US - CPI & average earnings
18:00 US - Monthly budget

  

 
 
 


Dan Waterman
Sales Director

 
 
 


 

 
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