Sterling is still weaker than both the euro and the dollar compared to this time last week. The single currency has not yet made a recovery against the two rival currencies following the BoE’s December interest rate decision. A lack of key UK data releases over the festive period also adds further pressure to an already strained pound.
A survey released by the British Medical Association (BMA) revealed that 4 in 10 junior doctors are actively planning to quit working for the NHS. Poor pay and working conditions were high on the list of reasons for them wanting to leave.
BMA chair of council Prof Philip Banfield, warned that if this happened, the NHS “will simply not be able to cope”.
On Wednesday, some representatives of the retail industry suggested that the festive footfall in major urban shopping centres in fact rose in comparison to this time last year. According to Humphrey Percy, Chairman of SGM Foreign Exchange, “Northern Ireland footfall was 5 times that of the same period last year and in London more than 130%.
In the eurozone, citizens flee Kherson as Russian military forces intensify attacks on the city.
Meanwhile, Spain’s prime minister announced another €10bn in government support for “middle class and workers” amid the rising cost of living following Russia’s invasion of Ukraine. The proposals include cuts to VAT plus a one-off payment of €200 for households earning less than €27,000 per year.
Over in the US, growing fears about delays in China’s production lines have triggered Apple and Tesla stocks to tumble. Apple shares hit their lowest point since June 2021, while Tesla’s stock plunged 73% from a record high in November 2021.
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