The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
However, these gains quickly began to fade as a result of renewed Brexit concerns, after European Commission Vice President Maroš Šefčovič threatened to step up legal action against the UK if it refused to abide by the rules of the Northern Ireland protocol.
Exerting more pressure on Sterling throughout the week were concerns over a dramatic rise in domestic coronavirus cases.
But this ultimately failed to dissuade GBP bulls at the end of the session, who shrugged off a weaker-than-expected UK GDP reading in May, to propel the pound higher on Friday amidst reopening optimism.
Coming up this week, there will be a couple of high-profile UK data releases which GBP investors will be keeping an eye on, with Sterling potentially strengthening if the latest inflation and employment figures print positively.
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)