Setback after setback

By Luke Dyson

As the week draws to a close Sterling is still currently holding its strength that it has gained over the last couple of weeks, with it still making GBP/EUR and GBP/USD an excellent buying opportunity amongst the new levels of uncertainty added yesterday regarding travel.

With updates to the current travel restrictions not much has changed, however a big blow to Portugal as it has now entered the amber list moving from the green one, now making it harder for people to travel without spending 10 days quarantining.

This is due to a new Nepalese strain of coronavirus being found in Portugal and so the UK having to adjust restrictions accordingly to limit the risk of another national lockdown.

Although this update hasn’t drastically affected the strength of sterling just yet it, it completely has the power to do so in the coming days and weeks. With the June 21st end of lock down deadline round the corner uncertainty begins to build as we have just had a step back regarding coronavirus recovery with the tightened travel restrictions. Although its unclear if the 21st June will go ahead just yet, this could have a large negative impact if this target date we all hope for is not achieved .

With the rates still holding there ground consider taking advantage of this strength in the current market, both sterling euro and dollar are both very close to 12 month highs, we could easily be in a very different situation in the next few weeks as the new variants both Indian and Nepalese strains progress.

Please get in touch with your currency consultant today to discuss a strategy to limit your risk and make the most out of the current situation .