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Market Reports

8:51am, July 9th 2020

Sunak’s Statement Helps Sterling Shine

The pound put in another solid performance yesterday after the Chancellor boosted confidence around the UK economic recovery. Sterling held its ground above €1.11 against the euro while it managed to overcome the $1.26 handle against the buck in late New York trading.

Chancellor Sunak’s statement was well received yesterday. The 40-year-old, ex Goldman Sachs, rising star put in a confident performance in which he announced several policies to assist businesses and individuals in terms of getting back to work and minimising any potential job losses. The stimulus package equated to around £30 billion and was unsurprisingly focused around the UK labour market.

Sterling reacted positively as the government’s proactive approach reassures investors that the UK economy will eventually be able to rejuvenate. Many will be keeping a close eye on GBP to see whether it can build on its recent gains or whether the sellers will take this opportunity to step in.

Today’s economic calendar is rather light. The highlight of today’s session will come from our friends over in the US. Initial weekly jobless claims as well as wholesale inventories will cross news wires in the afternoon session.

Written by Viv Savani. 8:51am, July 9th 2020

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

9:19am, July 29th 2020

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9:26am, August 6th 2020

Bank Of England In Focus

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9:26am, July 22nd 2020

US Dollar Takes A Hit

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