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Sterling-Euro unchanged following Lagarde’s comments

26 Jun 2020

Following the European Central Bank’s (ECB) President Christine Lagarde’s comments about the bloc and the pandemic, the Euro sentiment improved on Friday. However, the Sterling Euro exchange rate remained unchanged this morning, at 1.1051. 

At the end of the week, the ECB chief stated, “We probably are past the lowest point and I say that with some trepidation because of course there could be a severe second wave.”

The Euro was supported by the increase in French consumer confidence, which also beat expectations, hinting at France’s improving economy. 

The British Pound remained flat against the Euro, with traders worried about a potential second coronavirus wave as the number of coronavirus cases in the U.S. continue to rise. 

Concerns grew following Boris Johnson’s decision to ease the lockdown restrictions.

The Pound-Swedish Krona exchange rate was close to a three-week low on Friday morning as Brexit talks keep holding the pair back. The pair was trading at 11.5650. 

There is a slight optimism about a Brexit deal after the UK’s Brexit negotiator, David Frost said, “Some of the EU’s unrealistic positions will have to change if we are to move forward. UK sovereignty, over our laws, our courts, or our fishing waters, is of course not up for discussion.”