Following Boris Johnson’s announcement yesterday, restrictions are confirmed to be further lifted on the 17th of May, this includes hugs with loved ones, meeting outdoors in groups up to 30, six people or two households being able to meet indoors, overnight stays allowed in groups up to six, going abroad to holidays on the green travel list and so on...
The Prime Minster went on to claim that this was the “single biggest step” to unlocking society however, people should remain cautious and alert. Boris mentioned that the latest data conveyed deaths and hospitalisations has dropped to the lowest level since last July; 0 coronavirus deaths were announced in England, Scotland, and Northern Ireland on Monday.
There has been a varied tone within the economic calendar yesterday with a stronger tone to sterling and some attention on the dollar. After Friday’s post-payroll phase of vulnerability, a lot of attention was directed at the dollar; it stayed rather defensive yesterday.
The firmer tone in sterling is reflected in the Pound making gains against a handful of currencies including the Euro and the Dollar. Some market participants recognized that part of the sharp spike in sterling may be linked to the Scottish election results over the weekend; they were viewed as minimising the risk of an additional independence referendum.
Sterling may continue to rise due to the Queen’s speech ahead, it is expected that the speech will help to maintain the stronger tone to sterling against its major competitors. This would add to yesterday’s 2.3% rise, the biggest one-day increase in 14 months.
Furthermore, the increases in sterling can be seen in EUR/GBP. In addition to this, GBP/USD is still climbing higher after the first move upwards on Friday this was due to the vulnerability to the Dollar and the strength behind sterling. EUR/USD has stayed within the same position with minimal changes.
When looking at todays highlights these are, German ZEW survey (May), Italian industrial production (March), and US small business positivity (April). However, none of these highlights are predicted to cause many changes in regards to the FX markets.
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Todays Economic Calendar
Tue 11th UK: 00:01 BRC Retail Sales (April)
CHINA: 02:30 PPI (April)
CHINA: 02:30 CPI (April)
ITA: 09:00 Industrial Output (March)
GER: 10:00 ZEW Economic Sentiment (May)
US: 11:00 NFIB Business Optimism (April)
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