Economic Activity Grows At The Fastest Rate for Five Years In The UK

According to the Foreign Exchange market, the Pound rounded off Friday in a stronger position after benefiting from some promising UK economic data. Both the retail sales figures and the latest PMI caused a surprise as they were better than expected and so, Sterling sentiment improved. As a result, the currency finished the week at 1.0974 against the Euro and 1.2792 against the US Dollar. However, the pound might struggle through this week as there is no significant data expected.

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It was a successful end to the week for the Euro as the PMI figures were also better than expected during this month. This bolstered hopes that the single currency is going to see an improved second half of 2020 with a potentially strong recovery likely. This is all down to the rebound in economic activity. However, it is still not fully understood how deep the recession is and so, the GDP estimate this week could cause it to move either way depending on the outcome.

The US Dollar was on the defensive for most of last week but Friday saw a change in fortune for the currency. This was down to the increase in tension between the US and China which also helped it to overcome weak US PMI figures.

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