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The Pound fightsback

Hi everyone,

As the UK comes to the end of its first 'working' week under lock-down, the Pound looks set to finish strongly and trade 4-cents up on the € and 7-cents up against the $. Significant ground made back, after weeks of Sterling being sold off. 

Market volatility will continue until the coronavirus outbreak settles down, meaning the currency market will see huge daily/weekly swings as we have seen this week. The reason for the Pounds recovery over the last 3-days were manifold. Firstly, the Pounds low value earlier in the week was very attractive for traders to buy. Secondly and importantly, the global uplift in stocks and investor sentiment. Then, the US played its own part in strengthening the £. A record and enormous surge in unemployment, the most coronavirus cases in the world and $2T being pumped into the economy have all hit the $ hard.

The Pound did drop sharply earlier today by nearly 1-cent against the Dollar, after Boris Johnson unexpectedly confirmed he had tested positive for coronavirus. The Health Secretary Matt Hancock has also tested positive and we will wait and see how their symptoms play out and how it affects their job roles during this crisis. 

For now though, the £ is fighting back.


 

 

 

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Friday, 20th March, 2020

 
14:00 US - Existing home sales
  

 
 
 



Dan Waterman
Sales Director

 
 
 


 

 
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