03/06/2020

Sterling benefits from signs of a global economic recovery


GBP

Sterling held steady against the Euro but rallied against the USD yesterday benefitting from an improvement in risk appetite, as optimism grows that the worst of the economic fallout caused by the coronavirus has passed.

Sterling has had a positive week gaining from the UK’s decision to further ease lockdown measures, with investors showing confidence in the British economy.

That support for Sterling has also been strengthened by the news that the UK are willing to soften their demands on trade rules in exchange for the EU reducing their own demands on regulatory alignment.

USD

The Dollar continued its decline against most G10 currencies yesterday, with the exception of the Japanese Yen as safe-haven demand continues to wane. Although domestic issues in the US are likely playing a part in Dollar weakness, however there are still promising signs of a global recovery.

Key announcements

08:55 – EUR – German unemployment data
09.00 – EUR – EU services PMI
09.30 – GBP – UK services PMI
10.00 – EUR – EU unemployment data – USD – US non farm employment data
14.45 – USD – US services and non manufacturing PMI


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