The pound has seen a strong recovery over the last two days, primarily fuelled by dovish comments from the European Central Bank.
Speaking yesterday, the ECB said it will not tighten monetary policy until inflation reaches its target of 2%. This means not raising interest rates and keeping its bond-buying programme.
As central banks race to return to ‘normal’, this dovish stance could weigh on the euro in the long term.
Retail sales in the UK rose by 0.5% in June, boosted by food and drink sales during the European Football Championships.
The US is now beginning to feel the effects of the Delta variant with weekly Covid cases up 53%. Initial jobless claims have also risen, largely attributed to the rising 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.
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