In what has been a very quiet start to the working week, the pound has appreciated slightly against the euro and the US dollar throughout the evening. On Friday, the US released nonfarm payroll data which saw the economy generate a massive 379,000 new jobs throughout the month of February. Coming in over double of analyst predictions, the dollar has surged in strength and pushed below the 1.38 mark, with EURUSD now sitting below 1.19. The pound has managed to claw back some of the losses, it will take a big event to make another push towards the 1.40 mark again.
Brexit is once again back in the headlines as the EU is preparing to mount legal action against the UK. The UK has made the decision to delay checks on goods going into Northern Ireland from Great Britain which they say is legal under the agreement, however the EU brand it as a violation of the Brexit framework. This has sparked a war of words with Lord Frost, the chief negotiator of the talks last year to say the EU needs to “shake off any remaining ill will” from Brexit.
Finally, today is the day that pupils return to schools and colleges in the UK. In the first step of easing of Covid restrictions, millions will return to the classroom in what is now, hopefully, the beginning of a return to normality.
Have a great day.
Jack Nicholls, Relationship Manager.
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