Sterling makes gains as market digests Sunak’s Summer Statement

Sterling makes gains as market digests Sunak’s Summer Statement

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The pound remains buoyant and on track for its second successive weekly gains

The currency market gave an initially muted response to the Chancellor’s announcement of measures designed to support an economic recovery following the impact of the pandemic, but this morning, it appears that analysts are feeling more optimistic about the package of measures. 

The GBP/EUR exchange rate began the week at 1.1087 and at the time of writing, reached 1.1160. Over the same period, sterling made gains of 1.7% against the US dollar. 

The pound has been making gains all week due to rumours that an agreement between the UK and EU on fishing rights was imminent. Analysts believe that the progress of the UK/EU negotiations will be the main driver of the pound’s value in the coming weeks. 

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