After starting the day in a weaker position, the pound strengthened throughout the course of yesterday, mainly due to euro weakness. This allowed sterling to build on gains made last week. However, the pound is slightly weaker this morning.
GDP figures came in this morning, showing that yearly growth has slowed and quarterly growth has stagnated. The GfK consumer confidence figure for the UK dropped 2 points to -9 in March 2020, falling for the first time in 4 months as coronavirus anxiety took a toll.
As the Prime Minister is currently self-isolating, Foreign Secretary Dominic Raab held the daily briefing yesterday. He said that the Foreign Office is working “around the clock” to get stranded Britons home to the UK. He also assured the public that the government is taking unprecedented steps to increase NHS capacity.
The FTSE 100 closed 1% higher yesterday, after falling 150 points earlier in the day.
