The stock markets bounced back yesterday following suggestions that the new Omicron variant will be dealt with by existing vaccines. Sterling, however, has continued to slide. GBP/EUR ended yesterday where it was on Friday after a brief bounce back, while falling further against the US dollar.
This morning the pound has resumed a downward trajectory, reaching its lowest point against the euro for two weeks and against the US dollar since mid-December 2020.
In the UK, new mask rules come into force today to combat Omicron. However, a fresh impetus into the booster vaccination programme is hoped to avoid any more restrictions in the run up to Christmas. Many universities are, however, sending students home for Christmas a week early.
Mortgage lending was revealed to have dropped sharply in October, following the end of the stamp duty holiday. It fell from £9.3bn in September to just £1.6bn in October.
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