The pound has opened the week in a stronger position against the euro, after 4 days of losses overall during the last trading week. The euro rallied through the start of the week, however, the single currency remains susceptible to the developments in Ukraine. Over the last week, President Putin ordered all gas payments to be made in Russian rubles, opposed to the euros or dollars which the contracts were reportedly set up in. Governments and companies alike have rejected the steps, which leaves the market in a stand-off.
The euro will be waiting until Thursday for any meaningful support on the economic calendar. Retail sales figures will be released early in the day and traders will be hoping for an improvement on the 4.2% increase predicted.
A month from now, on May 5th, local elections will be taking place in the UK. Although different from a general election, any uncertainty or shock results could move the pound.
Have a great day.
Author: Jack Nicholls, Senior Relationship Manager.
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