The pound was still weak against the euro yesterday afternoon due to persistent fears of a no-deal Brexit at the end of this year, as well as increasing expectations of another rate cut from the Bank of England. However, sterling remains strong against the dollar and is slightly stronger against the euro this morning.
The final round of Brexit trade talks is due to end today, with disagreements remaining about fisheries and EU regulations. This afternoon Michel Barnier and David Frost are due to brief the media about the progress of negotiations. It’s thought that Boris Johnson and President of the European Commission, Ursula von der Leyen, will meet later this month to give the talks fresh momentum.
UK Construction PMI rose to 28.9 in May 2020 from an all-time low of 8.2 in the previous month. Still, the latest reading pointed to the second-sharpest contraction in the sector since February 2009.
Meanwhile, the Health Secretary has announced that face coverings on public transport will be mandatory from the 15th of June.
