Sterling benefited strongly yesterday from six consecutive days of Covid-19 infection falls. With no clear idea of why cases are falling, that will remain fragile and easily reversed, but the pound’s rise came despite another Bank of England rate-setter (Gertjan Vlieghe) coming out clearly against interest rate rises in a speech to the LSE.
It’s hectic week for US dollar data this week, including an interest rate decision from the Fed, while Europe slows down ahead of August’s traditional break.
Elsewhere in the business news, Tesla’s boost in quarterly profits to over $1billion helped to drive stock markets upwards yesterday (although that’s been reversed this morning for the FTSE).
One business not yet making a profit is Ryanair, which is cutting prices to attract flyers back on board but only expects to be flying around 67% of its normal summer traffic.
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