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Weekly roundup: Pound bolstered by upbeat data

currency-newsWeekly roundup: Pound bolstered by upbeat data
The pound moved broadly higher through most of last week as a series of high-impact UK data releases all printed positively.
 
Sterling opened the week on the front foot, with GBP investors welcoming the reopening of more of the UK economy on Monday.
 
This uptick in the pound was then reinforced by the UK’s latest jobs figures after they reported a surprise fall in domestic unemployment in March.
 
While UK inflation also printed above expectations on Wednesday, by then GBP exchange rates had fallen back from their best levels, as Sterling sentiment was knocked by concerns that the spread of the Indian variant of the coronavirus throughout the UK could disrupt the government’s roadmap for reopening more of the economy.
 
The pound then made another attempt to rally at the end of the session on the back of some impressive retail sales figures and solid PMI print. But this again proved short-lived, with Sterling this time being undermined by concerns over the lack of progress in talks between the UK and EU over the controversial Northern Ireland protocol.
 
So far this week, we have seen the pound struggle amidst ongoing coronavirus fears.
 
This week is seen as key in determining whether the threat posed by the Indian variant of the coronavirus could disrupt the government’s plan to move ahead to the next stage of restrictions easing on 21 June.
 
Boris Johnson is expected to update the public on what the government knows about the new strain so far in a press conference later this week. We expect to see the pound rally if he appears confident that the final parts of the UK economy can open up as planned next month.
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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