The pound hit a 3.5-year high yesterday, buoyed by better-than-expected yearly GDP figures and a series of poor data releases from the Eurozone. The resignation of Sajid Javid has also helped the markets, with some expecting looser fiscal policy from new appointee Rishi Sunak.
The European Commission has released its latest forecasts, saying that it expected ‘subdued growth’ at around 1.2%, the same as 2019. German GDP figures also showed little growth in the Eurozone’s most important economy.
The dollar ended yesterday down against the pound and up against the euro, but still strengthened by coronavirus fears. Today, retail sales are expected to show little change, but any unexpected movement could impact the dollar.
Speak to your Personal Trader on 020 7898 0541 today about protecting your money from this uncertainty. A forward contract locks in your exchange rate for up to twelve months – so you benefit all year from the pound’s strength today.
