Rolling coverage of the latest economic and financial news
- Latest: European markets hit three-month low
- ONS: 12% of UK workers on furlough
- Ryanair’s O’Leary warns of job cuts risk
- Introduction: Growth fears abound
- Coming up: Rishi Sunak’s winter crisis jobs plan
Rishi Sunak is updating MPs now on his plan to protect jobs… follow it live here:
After a slow start, the pound is now pushing higher against the US dollar and the euro as traders prepare for Rishi Sunak to outline his Winter Economy Plan.
Sterling has gained almost half a eurocent to €1.096, and a third of a cent to $1.276.
“The financial markets have largely welcomed Chancellor Sunak’s speech, sparking a short surge in trading activity. However, this will likely be short lived, and I anticipate a general retreat to safe haven assets and cash savings as investors look to hedge against market uncertainty.
In the coming weeks, I expect to see a weakening pound on ongoing Brexit risks and rising demand for gold once the recent bout of US dollar strength subsides.