Sterling moves lower…
Despite having a strong April, the pound finished the month lower amidst stalled Brexit talks and further signs of damage to Britain’s economy from the coronavirus pandemic. Since talks resumed, no progress has been made between European and British negotiators with French officials reiterating the European position that the UK must make concessions in order for a deal to be made. The three main issues that are causing the most disagreement are competition, governance and the fisheries policy. Even more uncertainty is heaped on the situation with the covid-19 outbreak as Britain has repeatedly confirmed its position on not asking for an extension to the December transition deadline.
Recent data has also began to weigh on the pound, with surveys coming out poorly and manufacturers suffering huge falls in output. For April, manufacturers suffered the biggest fall in output and orders for 30 years and 80% of manufacturers reported a collapse in orders.
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