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Pound to euro exchange rates rose to nine-month highs last week, could rates continue to rise higher?
By Ben Fletcher
Last week was positive for the pound, reaching mid 1.14 in the later part of the week.
Sterling this morning starts the day on the frontfoot against the euro, continuing to make gains and reach 1.13523 at the time of writing.
Prime Minister Boris Johnson last night in a national address placed the whole of the UK into national lockdown from Wednesday this week.
A few weeks ago, a deal seemed to have been on a horizon, however significant differences still remain.
The pound clawed back some of its losses yesterday, following nearly a 2-cent loss mid-week compared to the start of the week.
Following the moving of the end of October deadline for Brexit talks, the latest deadline of the 14th November is upon us this week.
Very anti-climactic week previously as very little news seems to come out of the summit regarding updates to Brexit.
EU Summit on Thursday could cause currency markets to be vaolatile as UK and EU look to agree the foundations of a deal.
Sterling rose nearly 1% against the euro yesterday following an increase in optimism regarding Brexit.
Quarterly Confederation of British industry report shows that UK unemployment fell by its largest level since the 2009 financial crisis.
Sterling has retreated from its 38-day high hit on the Friday as news emerged from Brexit negotiations that little progress had been made.
Last week, Sterling reached a 4-month high against the US Dollar as the States recorded a fall in GDP of 32.9%, can the Dollar recover?
Sterling value climbs against the euro and US dollar this week as hopes rise for a trade deal with the EU and Japan.
Economists predict that the impact of COVID-19 will cause the UK economy to shrink by 8.7% in 2020.
