Good morning,
The message from the UK Government was following a similar suit to Monday after Boris Johnson was moved to intensive care. A health minister has said the Prime Minister is “comfortable, he’s stable, he’s in good spirits”. Despite the positive message being conveyed by the Government, the knock-on effect means that the Pound is still suppressed in the range trading, as discussed in Monday’s update.
Monday 13th was due to end the three-week lockdown period in the UK, however, the same health minister has been quoted as saying that we would require more scientific evidence to see that lifted. The UK relies on a heavy inflow of foreign investment to grow the economy. At the moment, with so much uncertainty, it is very hard to see a reason as to why a sizeable investment would be made in the UK.
The internal squabble in the Eurozone continued yesterday after ministers met for 16 hours to debate a package to help from the fall out of the virus. However, despite the time spent, a deal was still not struck as countries continue to conflict on the best economic response to protect the single market. It appears as though the Netherlands is the big opposition against the ‘coronabond’ after Germany softened their stance. This now has traders eyeing a sub 1.08 level against the US Dollar again, after seeing a slight recovery this week.
Have a good day,
Author: Jack Nicholls, Relationship Manager
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