The pound is fighting back this morning with GBPUSD trading around 1.3850, benefiting from Prime Minister Boris Johnson’s stance on removing restrictions on July 19, despite an increase in COVID-19 cases. The UK has released figures showing 24,000 cases of Covid, most of them of the highly contagious Delta variant. Despite the rise in cases, the vaccination program does appear to have broken the link as hospitalizations have risen only modestly and deaths remain depressed.
The Brexit truce has also helped sterling where the decision to postpone a row over sausage trading between Great Britain and Northern Ireland until September. The lingering issues related to the divorce will likely be around for some time.
The US dollar was sold off on Friday despite the strong non farm payrolls figure as wage growth ultimately disappointed. American traders are enjoying the long Independence Day weekend, but the does not mean the dollar is standing still and remains active in the markets.
Have a great day.
William Jones, Senior Relationship Manager.
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