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Weekly roundup: Pound fluctuates amid conflicting messages from the BoE

currency-newsWeekly roundup: Pound fluctuates amid conflicting messages from the BoE
The pound initially got off to a strong start last week, with easing Brexit tensions between the UK and EU reflecting well on the currency.

However, Sterling was quickly forced to relinquish these gains in response to a worrying rise in domestic coronavirus cases.

The pound then made another attempt to rally on Wednesday in the wake of some hawkish comments from departing Bank of England (BoE) Chief Economist, Andy Haldane, in which he repeated his calls for the BoE to start tapering its stimulus programme.

But this rally also proved short-lived, with GBP exchange rates retreat as BoE Governor Andrew Bailey refuted some of the points made by Haldane, while reiterating his view that the recent rise in inflation is ‘transitory’.

So far this week we have seen the pound appreciate following the announcement from Boris Johnson that all coronavirus restrictions will be lifted from 19 July.

Still to come is the UK’s latest monthly GDP release, which could reinforce this upside in Sterling if domestic growth remained robust in May.
 
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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