The pound ended last week at its weakest against the euro since late March. It’s hard to see much prospect of sterling strengthening in the week ahead either.
Even ‘non-essential’ shops were able to open this weekend. It was a pretty painful experience in many, with one-in one-out, hand sanitizer at every entrance and exhortations not to touch the product. Since we’ve all been doing a slow dance around each other at the supermarket for the past three months I’m sure we all know the drill now anyway, but it was progress. The evidence from the pavements is that people have already abandoned the two-metre rule.
With new rules apparently being unveiled this week on social distancing and pubs opening, and flying set to restart in just a few days, we will soon see if the scientists are right and a second wave hits us, or not.
For those of us used to peering at currency graphs, where the rises and falls are sharp and seem haphazard, the Covid infection and fatality rate graphs have been mesmerising in their steady decline since the effects of the lockdown started being felt. The patterns that have emerged, with lower rates at weekends, rising during the week but never quite as far as the previous week, have added a comforting level of certainty and a belief that no matter how slowly, normality will return one day.
Or at least, they have so far. The easing of lockdowns could see that all change.
When it comes to currency graphs, there is a way of ensuring that you don’t have to worry about them for a year. A forward contract locks in your rate for the year ahead so you can get on with organising your property purchase or move abroad, your renovation, overseas business deal, school fees, pension and investment payments – indeed any long- or short-term payments or income you may have in a different currency, all at a secured rate.
You can speak to your trader about a forward contract on 020 8108 5337.
