The pound weakened to 5-month lows on Friday, suffering from a week of coronavirus related news, including an emergency interest rate cut from the Bank of England. However, sterling is stronger against the dollar this morning as the greenback is suffering due to an emergency rate cut from the Federal Reserve.
Today, Andrew Bailey will take over from Mark Carney as Governor of the Bank of England. He has come in at a crucial time for the Bank and due to his experience, is seen by many as a ‘safe pair of hands’. It will be interesting to see if the Bank of England make another rate cut at their monetary policy meeting next week, or even before then.
The FTSE 100 has fallen to an 8 year low this morning, and travel and holiday stocks are plunging. Boris Johnson will now hold daily coronavirus press briefings and is due to chair another Cobra meeting this afternoon.
This week is light on data for the UK, however we will see Average Earnings and employment figures tomorrow.
