Boris Johnson took to the nation’s television screens last night to declare tighter restrictions on the UK population, in the wake of an alarming increase in Covid cases being registered. The main talking points from the speech include pubs and restaurants closing their doors at 10pm, employees must work from home where possible and increased monetary fines for those that flout the measures. What was most alarming for some, is the statement that these new measures could last up to 6 months, taking us through the Christmas and New Year period. UK foreign minister, Dominic Raab, has also been speaking this morning, where he has declared a second UK wide lockdown cannot be ruled out.
There is a slew of PMI data releases this morning, with French and German readings showing positive signs in the manufacturing sectors of each country. With Germany being the largest economy in the Eurozone, analysts always keep a close eye on this release. As for Europe as a whole, the manufacturing figure has beat estimations, however the reading combined with services missed the mark of expectations. These releases have caused euro strength, pushing GBPEUR towards the 1.0850 mark at the time of writing. Further releases are expected for the UK this morning, where GBP will look to make up some ground.
This is a very difficult period to be navigating with your foreign currency exposure. Please reach out to your account manager to see how we can best help to protect you during this very uncertain period.
Have a great day.
Author: Jack Nicholls, Relationship Manager
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