Good afternoon,

The pound continues to struggle against the US dollar, falling to its lowest level against the dollar since mid-April. This was ultimately caused by both dollar strength and concerns with sterling.  The ongoing spread of the Delta variant of coronavirus, which reports suggest may still derail the already delayed reopening due on July 19 are continuing to have an impact. While Brexit remains a sideshow, reports have shown Markit’s UK Manufacturing Purchasing Managers’ Index for June has been downgraded to 64.9 points from the original read of 64.2.

The economic performance of the US remains upbeat with ADP nonfarm employment change surpassing forecasts. In June, the ADP reported a 692k increase in nonfarm payrolls, following an 886k surge in May. This data continues the upbeat rhetoric we are hearing from the US.

Today all eyes will be on Mansion House and a speech from Bank of England Governor Andrew Bailey

Have a great day.

William Jones, Senior Relationship Manager.

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