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The Dow Jones Industrial Average saw the best one day gain since 1933 and other global stock markets enjoyed the best daily gain since the 2008 global economic crash yesterday. This is in preparation of a deal being passed through Washington to bring support to the US economy, with Senate Democratic Leader Chuck Schumer calling it “the largest rescue package in American history”.
The British Pound has seen a new wave of optimism off the back of global confidence increasing, with investors easing back into riskier markets. At the time of writing, GBP/USD is holding back above 1.19 and GBP/EUR is nearing the 1.10 level. With growing pressures on Westminster to further reduce the number of people heading out to work, the main target being construction workers, despite senior politicians saying the economy still needs to tick over. The Bank of England is still expected to meet tomorrow, with little expectations of a further rate cut from the current 0.1% level.
There is a host of data releases globally today, with releases expecting to see who has fared the worst during the coronavirus outbreak.
Have a good day,
Author: Jack Nicholls, Relationship Manager
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