Last week was particularly volatile in the currency markets following a record negative oil prices and the return of Brexit discussions. The pound lost some ground on Friday despite the EU leaders failing to agree a common response to the pandemic.
The pound has already started the week stronger, with the news that Boris Johnson is returning to work after having been hospitalised with Covid-19. Investors hope that he will provide some leadership on the nature and timing of an end to the lockdown. Conversely, the US Dollar took a hit after its President’s much-disputed comments on a potential cure for the virus which attracted worldwide ridicule.
Johnson has confirmed that there will not be any immediate lifting of restrictions on the UK but he will be keeping a close eye on what is happening in France, Italy and Spain. Whilst stock markets rallied on the prospect of the easing of lockdown, some economists are saying the UK economy could take three years to recover. The pound may be under pressure for some time yet.
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