Where you will be able to keep up to date with all the latest changes in the currency market
We have seen a lot of volatility with the Pound as we move into the new month. With there being still some concerns regarding Boris Johnson’s leadership we have seen the pound weaken against both the Euro and the Dollar as anytime there is uncertainty within a government this will tend to weaken the currency. We have also seen covid cases rise by 32% – if the cases rise further then we could see the UK head back into another lockdown. If there is another lockdown this could weaken the pound as we have seen over the last 2 years. On Wednesday we have a speech coming out from the bank of England where we could expect them to comment on the ongoing cost of living crisis and what they might do to tackle the issues surrounding it. If the comments come out as positive then this could strengthen the pound but if the comments come out negative then we could see this weaken the pound.
We have seen the euro drop to lows not seen since May 2021. Record high inflation has seen the euro weaken significantly and they are going to hike interest rates for the first time in 11 years. We have retail sale figures coming out this Friday where this will be a good indicator to see how well the retail sector is performing. If the figures are released higher than expected, then we could see this strengthening the euro as it would show a growing economy but if the figures come out lower than expected then we could see this weaken the Euro.
Last month we saw the Dollar drop to lows we haven’t seen since early 2020. With the ongoing conflict in Ukraine, we have seen Ukrainian troops pulled from the Luhansk Region as Russia seize more Ukrainian territory. With the way things are going the Russians do not look like they’re going to stop anytime soon. If war continues as expected, then this could cause the dollar to strengthen much further. Yet if there is an end to the war then we could see the dollar weaken. On Friday we have unemployment figures out where if the figures come out higher than expected this could weaken the dollar however if the figures are lower then this could strengthen the dollar as it would show the economy is growing.
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