The Pound fell across the board yesterday pressured by news of the mounting legal action from the European Union against the UK over its alleged violation of the Brexit divorce deal on trading arrangements with Northern Ireland. The Pound has now lost ground against the Dollar for the 3rd successive trading session falling from just below 1.40 to this morning’s 1.3829.
Bank of England governor Andrew Bailey was also in the headlines after he defended himself after a former judge criticised evidence he gave to MPs over a scandal in which thousands lost their life savings. During the same BBC Today interview, Mr Bailey said he was “not out of firepower” in defending the UK economy as it recovers from the Covid-19 pandemic. Bailey made some comments about expecting the economy to end of this year to where it was at the end of 2019 and that he expected inflation to start rising towards its 2% target in “the next two or three months”, however this didn’t do much to support the Pound.
Today we have the Retail sales figures being released from the US at 1:30pm which kicks off a run of fundamental economic data releases being released this week.
Have a great day.
William Jones, Senior Relationship Manager.
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