Despite a weaker end to last week, the pound wrapped up May in a strong position. Thanks to strong data and the fallout from the on-again, off-again trade war, GBP/EUR strengthened by almost 1% across the month, making that dream property purchase even more affordable.
What will June bring? Your guess is as good as any expert’s, given the habit of currency markets to move sharply up or down at the drop of a hat (and often for little reason). This means there really is no telling if your budget will be better off or worse off by the time Wimbledon and Glastonbury role around.
With that in mind, we would strongly recommend you protect your budget from risk by locking in today’s rate. One call to your personal account manager on 020 8003 4915 could make all the difference, so don’t leave your future in the hands of fate.
Europe’s finest will gather for a second time this week, although their Brussels venue is a little less gladiatorial than Munich’s Champions League final on Saturday. The European Central Bank (ECB) is expected to announce another cut to interest rates in a move that could have a significant impact on both sterling and the euro.
According to media reports, UK chancellor Rachel Reeves is set to rewrite some Treasury spending rules to unlock more investment outside of the South East of England. The decision is set to be announced at this month’s spending review and could translate to billions of pounds in additional funding for areas historically neglected by Westminster.
Lastly, Elon Musk said farewell to the Oval Office and his DOGE colleagues on Friday. The Tesla CEO is stepping back from the helm of the government efficiency taskforce after a fierce backlash to his strategy. His decision came just hours before the New York Times splashed with a story about Musk’s alleged drug consumption while advising the President on economic policy.
