The pound has strengthened to almost a month’s high against the euro today, boosted by investor optimism as the UK enters a phase of reopening non-essential businesses and allows larger groups to meet. Nonetheless, there is still widespread expectation that this week’s Brexit trade talks, starting today, are unlikely to show much in the way of progress.
Despite the euro being weaker against the pound, there does seem to be some optimism surrounding the €750 billion bailout programme proposed by the European Commission. There was also further relative positivity in yesterday’s manufacturing figures, which showed decline to be slowly easing.
In the US, concerns over tension with China continue to grow, with China ordering state factories to stop buying some American goods and Donald Trump saying that he would remove preferential trade and travel agreements for Hong Kong.
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