The pound lost some of the gains it made at the start of the week against the euro after a drop in the stock markets yesterday. However, it has recovered this morning, hitting a three-month high against the dollar and strengthening against the euro.There is some positivity among businesses after confirmation that all non-essential companies can re-open from Monday.
In Europe, Eurozone GDP figures showed a 3.6% contraction, but it had little impact on the euro, seemingly largely expected by the markets. The next quarter’s GDP is likely to be more of a test, measuring the months in which lockdown slowly began to ease.
The markets are looking ahead to today’s Federal Reserve meeting; while no surprises are expected, positive rhetoric could help the dollar.
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