The euro is weaker against the pound and the dollar this morning following news that Russia has halted its gas supply to Poland and Bulgaria. Russia has said that the action has been taken due to the two nations refusing to pay for supplies in roubles.
Worries over the European economy and whether the ban will extend to other countries sent the euro to a 5-year low against the dollar this morning. Meanwhile, the pound is stronger against the single currency.
Bank of England governor, Andrew Bailey, will speak later today, as will Financial Policy Committee member Sarah Breeden. The markets will be listening closely for any comments on the UK economy following disappointing retail data on Monday and last week.
The dollar is still strong, benefitting from its status as a safe haven currency amid global economic worries. US GDP data is due to be released later today, which will indicate how the US economy performed in the first quarter of this year.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
