The pound weakened last night after Boris Johnson was taken into intensive care following persistent coronavirus symptoms. In the meantime, Dominic Raab will deputise, and is expected to chair this morning’s Covid-19 meeting. This comes after sterling briefly regained some of the ground it lost at the end of last week against the pound and dollar, amid something of a rally on the global markets as coronavirus infection rates in many of the worst-hit areas seem to be slowing.
Construction data for the Eurozone and the UK painted a less positive picture, although the markets will have priced it in given the circumstances. Nonetheless, it will raise fears of how long the economic aftershock will last, and what form recovery will take.
The dollar is weaker against the pound, as the same optimism meant that demand for the dollar as a safe haven currency was down.
Your Personal Trader can secure you a fixed exchange rate with a forward contract for up to twelve months, protecting your money against these uncertain times. Speak to them on 020 7898 0541 to get started now.
