The pound has weakened against the euro and the dollar over the last 24 hours. Once again, sterling is moving in correlation with the stock market, which has dropped partly due to fears of a second coronavirus wave.
Yesterday, the EU’s Chief negotiator, Michel Barnier, reiterated the EU’s point that the UK cannot have the same relationship with the EU as the likes of Canada or Japan, due to a number of issues included fisheries.
There has been a series of data releases for the UK this morning. The UK economy contracted sharply in April, with GDP falling by 20.4% from the month previously. Meanwhile, industrial production fell by a record 20.3 percent between March 2020 and April 2020, with manufacturing providing the largest downward contribution.
