Sterling remains well supported


Hi everyone,

The Pound is finishing the working week strongly, as news of the PM's improving health helps Sterling across the board. Sterling dipped initially on the news that Boris had tested positive for coronavirus and again when he was admitted into ICU. However now it seems he is on the mend, traders are less nervous about a potential future without Johnson at the helm and £ has risen.  

Whilst £-$ rates have been relatively unchanged for the past 2-weeks now, we have hit a 1-month high against the Euro. The £ has managed to claw back an astonishing 8% in just 3-weeks, giving you an extra €900 for every £10,000 exchanged..

A 14-hour meeting was not enough for Eurozone finance ministers to agree on a joint fiscal response to the 'corona-damage'. Failure to come out with a deal today, will weaken the Euro next week. The European commission yesterday announced that the EU's economy could shrink by 10% this year. Anything close to this figure and the Euro will be under tremendous pressure against other currencies for the foreseeable future.

Please note, we will not be trading tomorrow or Monday because of the bank holidays, so we will see you again on Tuesday.

Happy Easter!!




Upcoming Data


Friday, 10th April, 2020

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



Dan Waterman
Sales Director



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