Sterling weakened to a 6-month low against the euro yesterday as coronavirus worries continue. In his first daily press conference, the Prime Minister advised everyone to avoid social contact and non-essential travel. The pound remains weak this morning on rising expectations that the Bank of England could introduce a new batch of quantitative easing.
Despite a second emergency interest rate cut from the Federal Reserve, the markets are still suffering. The dollar was fairly choppy against the pound yesterday, although it’s still benefitting from its status as a ‘safe haven’ currency.
Meanwhile in the Eurozone, predictions of an impending recession didn’t stop the euro from outperforming the pound.
In these uncertain times we can put measures in place, such as a forward contract, to protect your money from volatility. We’re open as usual and here if you need us, so please don’t hesitate to call your Personal Trader on 020 7898 0541.
