Sterling is weaker against the dollar and euro this morning ahead of a video conference between Prime Minister Boris Johnson and European Commissioner Ursula von der Leyen this afternoon. The pound could be in for a volatile week, with the Bank of England’s meeting also taking place on Thursday. All eyes will be on officials after disappointing GDP data last week, which showed that the UK economy contracted at a record 20.4% in April.
The European Council Summit will also take place this Friday, which will see members debate a recovery fund to mitigate the effects of the coronavirus crisis. The dollar is stronger as it benefits from its safe-haven status, due to fears of a second COVID-19 wave in the US.
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