Home > Resource Hub > Daily Market News > Pound boosted by July 19th reopening

Pound boosted by July 19th reopening

Pound boosted by July 19th reopening

There was a mixed tone to investor sentiment yesterday, reflecting concerns regarding the delta variant of Covid-19. As many currencies stood on the back foot for much of the day.

UK Health Secretary Sajid Javid wants to stick with the new reopening date of July 19 and insists that a return to normal is needed. By July 19, the UK will have vaccinated millions more. This may cause pound buyers to jump on board. On the other hand, more time is needed to see that this strain first identified in India is indeed unable to resist vaccines. Which in due course could keep the pressure on the pound.

The dollar hovered below a two-month high on Tuesday, even with traders sitting back ahead of a closely watched U.S. jobs report on Friday. The Conference Board Measure of Consumer Confidence is set to rise in June. However, barring any major surprises, the data may not impact currency markets.

EUR/USD Settled at 1.1900, being pressed for the second consecutive day. ECB sentiment of June is due in the form of a Lagarde speech, as well as German inflation which is projected to edge lower to 2.1% from 2.4%, due to the easing of many corona-related policies. As well as the English denting inflation rates by putting 3 past Germany later today in the form of a Harry Kane hat trick.

 

Tuesday: Germany CPI; UK M4 money supply, mortgage approvals; US house price index, consumer confidence.

Wednesday: China official PMIs; UK GDP final, current account; France consumer spending, CPI; Germany unemployment; Eurozone CPI; Swiss KOF, Credit Suisse economic expectations;Canada GDP, IPPI and RMPI; US ADP employment, Chicago PMI, pending home sales.

Thursday: New Zealand building permits; Australia balance; Japan Tankan survey, PMI manufacturing final; China Caixin PMI manufacturing; Germany retail sales; Swiss CPI, retail sales; Eurozone PMI manufacturing final, unemployment rate;UK PMI manufacturing final; US jobless claims, ISM manufacturing.

Friday: Japan monetary base; Eurozone PPI; Canada building permits, trade balance; US non-farm payroll employment, trade balance, factory orders; Canada PMI manufacturing.

Share this case study
Set yourself up in minutes, make payments the same day: it’s free, easy and without obligation.