"Boris Johnson is getting closer to putting the entire Dominic Cummings lockdown breach to bed through his sheer bloody-mindedness. His move along, nothing to see here metaphor has worn down reporters who live by the maxim that today's news is tomorrow’s chip paper. The voracious political press have done all they can to damage the Government and Johnson’s Chief Advisor simply because he is seen as a shadowy figure who is never held to account. Well, he has certainly been forced to account for his actions between the end of March and the middle of April and while the Governments poll rating may have fallen a few pips, in the long run very little will change. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

Beyond Currency by CurrencyTransfer.com

29 May 2020 - Cummings effect fading, Brexit concerns on the rise

"Sterling struggled to make any headway above its high from the previous day yesterday as the markets concerns over a no deal Brexit combined with the coming recession drove it lower. On top of those two concerns, the market is still considering the effect should the Bank of England decide to drop official interest rates below zero. However, the more optimistic comments from Chief Economist Andrew Haldane on Tuesday settled traders worries to a certain extent. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

28 May 2020 - Negative rates a major concern

"The Bank of England’s Chief Economist Andy Haldane in an interview yesterday said he saw the possibility of a shallower than expected recession given the fact that activity and output indices are already bottoming out. Haldane’s cautious optimism which counters the less factual and more gut-felt reactions of a month ago will be seen by the market as an indication that the Bank of England may have completed the extraordinary support it has been giving the market since the pandemic crisis began." Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

27 May 2020 - Sterling rising but still looks fragile

On a day when the UK was supposed to be having a Public Holiday despite lockdown restrictions, the Prime Minister’s Chief Advisor faced a grilling from the press over his actions in travelling 280 miles to his parent’s farm to self-isolate. In an announcement more relevant to getting the country’s economy moving again, Johnson announced that from June 1st, open air markets and car showrooms could reopen and from June 15th, all retail premises could also reopen. This is, of course, subject to social distancing measures. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

26 May 2020 - Lifting of restrictions on retail announced

"The UK PMI’s for May released yesterday were better than market expectations and a significant improvement on last month. Taken in isolation the numbers were somewhere between appalling and abysmal, but in light of the lockdown and the measures being taken by the Government to keep the economy above water, the data was somewhat comforting. Having said that, it was still well below the worst ever seen bar last month and the downturn is likely to be significantly more severe than 2008. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

22 May 2020 - Improved PMI’s may signal the bottom has passed

"Inflation in the UK fell to its lowest level in more than four years last month as economic activity in addition to the precipitous fall in the price of oil saw the Consumer price index fall to 0.8% year on year. With Tuesday’s employment report, also for April, adding concerns over the recovery of the economy once the lockdown is over, Chancellor Rishi Sunak predicted that it could take longer than originally expected." Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

21 May 2020 - Negative rates a real possibility

"Sterling remains under pressure and is still the worst performing currency in the G10 this month, despite two reasonably strong days so far this week. The confusion over the partial lifting of the lockdown, the reopening of schools and the ability of the Government to get funds to those who most need it, is more a testimony to the return of industrial relations woes and the ineptitude of Boris Johnson’s newer recruits than a concern over the spread of Covid-19." Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

20 May 2020 - UK sets out its post Brexit trade terms

"The Bank of England is considering the benefits of allowing interest rates to fall into negative territory as a means of stimulating the UK economy. This would be unprecedented in Britain, but would follow Japan, Switzerland, The Eurozone, and Denmark which currently have negative rates. While this is seen as a radical move, one which BoE Chief Economist Andy Haldane sees as not being the first port of call, the concept itself is as simple as it sounds. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

19 May 2020 - Spending not saving the current fashion

"The pound had its worst week since the lockdown began last week as concerns over the pace at which the economy can recover from Covid-19 mixed with concerns over the intransigence of both sides regarding Brexit to create a toxic cocktail. The Government’s plans to provide a little comfort to the population in the shape of a marginal lifting of restrictions appear to be close to unravelling as Trades Unions try to ensure the safety of their members in light of what they consider to be the unplanned and uncontrolled of the return to work, in particular the plans to see children of certain ages return to school. This is slated by the Government to happen on June 1st but according to several Government ministers, this will only happen if it is safe to do so. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

18 May 2020 - Brexit returns to haunt Sterling

"The realization, despite previous warnings, of a severely damaging recession has finally hit home pushing Sterling to its lowest level since early April. An economy which is completely dominated by the services sector is bound to suffer a longer and more painful slowdown as that is the area that will be most delayed in reopening and suffer from the most severe cash flow issues. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

15 May 2020 - Bank of England ready to add to stimulus

" The UK released data yesterday for Q1 GDP yesterday. Speculation has been growing for several weeks about just how deep the recession caused by the Covid-19 pandemic will be. Despite the lockdown only being in place for a little over a week of the first quarter, the economy contracted by 2%. This is in line with other G7 countries and each is now estimating the size of the devastation of the current quarter. The current consensus for the UK, is for a 30% fall in Q2 which is totally unprecedented in peacetime. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

14 May 2020 - Economy contracts by 2% in Q1

Published Description "The continued chaotic response from the world’s most powerful economy defied any kind of logic. With over 80k deaths and around 1.25 million infections, it is impossible to predict just when there will be a degree of control being exerted. The U.S.’ most revered expert on infectious diseases Anthony Fauci has already said a second spike in Autumn is already possible even before the first wave is under control. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

13 May 2020 - Second peak almost certain

"The proposals being put forward by the Government to partially lift the lockdown have come in for significant criticism for being confusing and unclear and for putting people’s lives at unnecessary risk. The proposals which switch the emphasis from stay at home to stay alert, place a far greater responsibility on the public to use common sense to maintain social distancing and minimise contact and risk of infection." Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

12 May 2020 - Johnson’s initial plans bring mass criticism

"There is concern, especially from SMEs, that they will be caught in an impossible position where they are able to reopen but the slowdown in activity means they are not operating at sufficient capacity to be able to pay their employees. There are calls for the review of the scheme to be carried out as soon as next week to allow firms the time to plan how they will operate post-lockdown. " Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

07 May 2020 - Job scheme saves 4 million jobs

"If the UK economy needed any further confirmation of the difficult times that lay ahead, it received it in two pieces of economic news that were released yesterday. First, data for services output fell to its lowest level since records began in 1995 and then Virgin Atlantic announced that it was to cut 3,000 jobs and possibly quit its slots at London’s second major airport at Gatwick." Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

06 May 2020 - Services collapse worst since 1996

Beyond Currency by CurrencyTransfer.com examines the daily trends that affect currency movement worldwide including economic, political, and other factors. 791142

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Beyond Currency by CurrencyTransfer.com

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