The pound is slightly weaker against the euro and the dollar, partly due to disappointing GDP data released this morning. The UK economy grew 3.6% in the three months to May, missing expectations of a 3.9% growth.
The government announced yesterday that after July 19, they will scrap quarantine requirements for those who have been double vaccinated if returning from a country on the ‘amber’ list. Holiday bookings have surged as a result and EasyJet have reported a 400% increase in bookings to amber list destinations.
The euro has found some strength after an announcement from the European Central Bank. President Christine Lagarde revealed yesterday that the Bank will tolerate levels of inflation above 2%, which marks a shift away from the previous inflation target of ‘just below 2%’.
Meanwhile, the dollar is benefitting from its safe haven status due to concerns about a global rise in COVID-19 cases.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
