It was an eventful week last week for the pound, after it hit a 3.5-year high earlier in the week. Poor data from the eurozone, with growth disappointing and forecasts predicting little change, also helped the pound, as did the appointment of Rishi Sunak as Chancellor in the UK. Sterling still remains above the psychologically significant levels against the euro and the U.S. dollar this morning.
This week will be busy on data releases, including inflation, retail sales, PMI and economic sentiment figures.
Another month of contraction in the US didn’t impact the dollar too much, which was still up on coronavirus fears, as investors moved to safe havens.
Speak to your Personal Trader today on 020 7898 0541 to find out how to protect your money against the unpredictability of the currency markets with a forward contract.
