The pound has retained its strength against the euro but is still weaker against the dollar this morning.
Recession fears continue to weigh on the euro as gas prices surge, Europe’s energy crisis continues, and stagflation worries increase. The dollar, meanwhile, is benefitting from these concerns as the world’s reserve currency.
Several European Central Bank and Federal Reserve officials are due to speak throughout the course of the day and the markets will be listening for any comments on the state of the economy, interest rates and monetary policy.
In political news, reports this morning reveal that Nadhim Zahawi, who was appointed as Chancellor just two days ago, has told Boris Johnson that he must “go now”. Boris Johnson has since agreed to stand down and a formal announcement is expected imminently.
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.
