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January 2021

Daily Report: 14th January 2021


The Pound has strengthened against both the Euro and the Dollar. Optimism remains about the UK’s vaccine rollout when compared to other countries. Following several comments from MPC members, negative interest rates look less likely to happen by March which has also given Sterling a boost. Prime Minister Johnson has said that the latest restrictions are starting to have an effect on the transmission rate of the coronavirus in some parts of the country. The Euro has lost some ground as Germany recorded a new coronavirus mortality record. Europe is under pressure to increase its vaccine rollout [...]

Daily Report: 14th January 20212021-01-21T19:48:48+00:00

Daily Report: 13th January 2021


The Pound has strengthened in the last 24 hours as Bank of England Governor Bailey downplayed negative interest rates being introduced in the near future calling them ‘controversial’. He also mentioned that the central bank will wait for economic data to be released to see how the economy is coping with Brexit and a third lockdown before taking action. The Euro has lost ground against a stronger Pound but has performed well in comparison to the Dollar. German health minister Spahn has said that it won’t be possible to lift all lockdown restrictions in February with rumours [...]

Daily Report: 13th January 20212021-01-21T19:48:42+00:00

Daily Report: 12th January 2021


The Pound has strengthened against the Euro and the Dollar as the market is paying less attention to the economic impacts of the third lockdown despite Chancellor Sunak highlighting them yesterday. MPC member Tenreyro has mentioned that the Bank of England is still reviewing negative interest rates as a possibility. The Euro has weakened slightly after investor confidence data came out worse than expected at 1.3 compared to 2.0 that was forecast. French finance minister Le Maire believes that there will be a significant economic rebound in the second half of 2021. The US House of Representatives [...]

Daily Report: 12th January 20212021-01-21T19:48:34+00:00

Daily Report: 11th January 2021


Sterling lost over 0.5% against the dollar, but remained steady against the EUR in early trading. GBP/USD has fallen for 4 consecutive days amid dollar demand as U.S bond yields rise. Speaking on Sky news this morning, Nadhim Zahawi minister for vaccine deployment said Britain will have offered Covid vaccines for those in priority categories, around 15 million people, by the middle of next month. Seven new mass vaccine centres will open across England as part of the governments new vaccine delivery plan. BOE Governor Andrew Bailey who last week said the UK should not submit to EU financial [...]

Daily Report: 11th January 20212021-01-21T19:48:28+00:00

Daily Report: 8th January 2021


The Pound has made some gains against the Euro this morning but remains largely unchanged against the Dollar. The market has chosen to focus less on the possibility of the Bank of England introducing negative interest rates in the UK for the time being but more on the scale of the vaccine rollout across the country compared to other countries across the world which is a positive. The Euro has lost some ground against the Pound but has stayed strong against a weaker Dollar. Yesterday, Eurozone CPI flash estimates a well as Eurozone retail sales data both [...]

Daily Report: 8th January 20212021-01-21T19:48:21+00:00

Daily Report: 7th January 2021


The Pound has continued to remain under pressure with the number of coronavirus cases increasing across the UK. The third national lockdown is expected to slow the UK’s economic recovery with expectations rising that the Bank of England could cut interest rates into the negative territory. Yesterday, UK final services PMI data was revised downward which also put some downward pressure on Sterling for the time being. German factory orders data released earlier this morning came out at 2.3% compared to -0.6% that was forecast which gave the Euro continued support against the Pound and the Dollar. [...]

Daily Report: 7th January 20212021-01-21T19:48:12+00:00

Daily Report: 6th January 2021


The Pound has been stagnant against the Euro but has made gains against a weaker Dollar. The number of coronavirus cases surged past the 60,000 mark in the UK which is keeping Sterling from strengthening. Bank of England Governor Bailey is due to speak later this afternoon. The market will pay attention to any comments from him regarding the introduction of negative interest rates in the UK. The Euro remains well supported against both the Pound and Dollar. Yesterday morning, German unemployment change data beat the market’s expectations at -37K compared to 10K that was forecast. German [...]

Daily Report: 6th January 20212021-01-21T19:48:05+00:00

Daily Report: 5th January 2021


The Pound weakened yesterday with concerns mounting about the number of coronavirus cases in the UK. Yesterday evening, Prime Minister Johnson announced a third national lockdown which is forecast to slow the UK’s economic recovery from the pandemic. This could lead to the Bank of England easing monetary policy further in order to stimulate the economy which in turn took its toll on the Pound. The Euro remains supported with German retail sales data exceeding expectations with a release of 1.9% compared to -2.0% that was forecast. French health minister Véran has said that restrictions cannot be [...]

Daily Report: 5th January 20212021-01-21T19:48:00+00:00

Daily Report: 4th January 2021


The Pound remains supported with the UK Parliament approving the post-Brexit trade deal with the EU just in time before the transition period deadline. However, any major gains have been limited as the market remains cautious due to the lack of inclusion of the services industry in the agreement which accounts for 80% of the UK economy. In addition, there are concerns about the number of coronavirus cases in the UK which could prompt the government to introduce tougher restrictions. Germany is reportedly set to extend its national lockdown until the end of January with other European [...]

Daily Report: 4th January 20212021-01-21T19:47:53+00:00

December 2020

Daily Report: 31st December 2020


With Parliament approving the UK-EU trade agreement yesterday, the Queen has signed it into law which is the final step in the process. Prime Minister Johnson has said that the deal will bring ‘certainty’ whilst suggesting that the UK is set for a tough few weeks with the number of daily coronavirus cases increasing past the 50,000-mark. The Pound has strengthened slightly but the market remains cautious of the economic impacts of the coronavirus situation. Yesterday, Germany reported its deadliest day of the pandemic with over 1,000 coronavirus-related deaths. Bundesbank President Weidmann believes that this wave of [...]

Daily Report: 31st December 20202021-01-06T06:44:17+00:00
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