The Pound hits a 3-month high versus the US Dollar

Hi everyone,

 

The £-$ bull run keeps on going with another 0.5% gained today. It is now the best time in 3-months to buy Dollars and there could yet be more good news depending on the crucial FED meeting this evening.

Analysts are predicting the FED to play a 'steady hand' tonight, meaning they will continue to support the ongoing global market recovery by not making any policy changes. This would aid in a swifter recovery for the US and improve once again global markets, which in-turn will strengthen the £. Although this isn't a guaranteed scenario. The $ is heading towards a 2020 low against many currencies and will go beyond that if the FED continue their policy route, something they may not want to happen. 

The latest OECD forecast for growth, shows that the world economy is headed towards a 6% slump in 2020. Their last data release was back in early March before many lock-downs, where they had growth at 2%. They predict the UK to be the worse hit this year out of Europe, along with Italy & France.

However, this figure could yet dramatically change. With European travel restrictions being lifted from July 1st and if the UK abolishes the quarantine period for visitors, there will be more cash changing hands and more optimism for others to do so.

It's estimated that the closure of UK schools took away 8% of the UK's GDP figure in April & May. This is why the Government is keen for schools to re-open, as it is a huge dent to the economy if they are not. So with some age ranges being allowed back before the summer holidays and with the majority of shops opening their doors this month, the UK comeback is well and truly underway. 

 
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