Lockdown Uncertainty and Covid-19 Could Lead to Largest Contraction Seen in the UK

As last week came to a close, the Pound struggled to gain any traction according to the foreign exchange rates and this was put down to the Bank of England’s policy meeting. It finished Friday at 1.1311 against the Euro and 1.2406 against the dollar, proving that the currency had some work to do. There were hints that the stimulus programme might be extended, much to the hope of investors although forecasts are indicating that the UK is facing the worst economic downturn in its history.

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There was not much in the way of good news for the Euro either as the single currency remained motionless during the second half of the week. The industrial production figures from Germany put a halt on international payments and output slumped to -9.2% as a result of Covid-19. However, it is not likely that the Euro will get stronger through this week as the GDP figures from Germany are likely to hold it back.

The US Dollar had to drag its way through the latter part of last week as there was a drop in demand for the currency as market sentiment saw a slight improvement, however, the unemployment figures are going to weigh heavily on the currency.

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