Sterling is weaker this morning against both the euro and the dollar. The pound is, once again, moving with the markets which have dropped this morning due to COVID-19 fears.
This week could be volatile for sterling, with the latest BoE policy meeting and further Brexit discussions between UK and EU leaders due to take place. UK PM Boris Johnson, European Council President Charles Michel and European Commission President Ursula von der Leyen will hold a high-level meeting this afternoon to try and break the current Brexit impasse.
The pound was choppy against the euro and weak against the dollar on Friday, as GDP data revealed that the UK economy declined by a record 20.4% in April. It was also suffering due to Brexit worries. Cabinet minister Michael Gove announced that “the moment for an extension has now passed.”
This week is also a busy week for data, with employment figures released tomorrow and inflation rate on Wednesday. The Bank of England will hold their policy meeting on Thursday.
