The pound has weakened against the euro this morning after figures showed that retail sales fell by a record 22.6% year-on-year. While far from unexpected, given the lockdown situation, it still raises fears of how long a recovery will be.
Meanwhile, tensions between China and the US continue to rise, meaning more market volatility is likely in the coming weeks and months. The US Congress is currently examining a bill that will force companies to declare ownership by foreign governments if their audits cannot be inspected in America – a move which could particularly affect Chinese businesses.
In the eurozone, there was some positivity yesterday as PMI figures exceeded expectations, reversing some of the previous month’s losses.
There is so much unpredictability on the horizon that it’s crucial to make sure you have plans to manage that risk to your money. Speak to your Personal Trader on 020 7898 0541 to find out about locking in a fixed exchange rate with a forward contract.
