The Pound continues to be resilient

Hi everyone,


Sterling is looking for the 7th straight day of gains against the Dollar and opened this morning at the highest level in 3-weeks against the Euro. The improving global market sentiment seems to be what is mainly keeping the Pound buoyant at the moment.  

Interestingly, the recent stalemate in the EU-UK trade talks did little to hurt the Pound. Most (if not all) data houses predicted a dramatic fall if an extension wasn't agreed by the end of June, but it seems this deadline was somewhat synthetic in terms of the £'s performance to come. We won't know for sure until the date has passed of course, but it feels as if there is a lot less pressure and negativity surrounding £ at the moment.

Onto the Euro-Zone now and both Germany & Holland have expressed their concerns about having to take on collective debt through the recently announced 'Covid bonds'. The €750B emergency fund is firstly being estimated as far too low to help countries recover, with the real figure required expected to be around €5T. The so called PIGS nations (Portugal, Italy, Greece & Spain) are being viewed as major burdens because of their debt to GDP ratio being far greater than others within the EU. We may well start to hear of countries following the UK's path to hold a referendum on whether to leave the EU this year..

It's another big week ahead for economic data with GDP being the main point of interest from the EU (Tuesday) & UK (Friday).

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