WEEKLY MARKET REPORT 30/07/2020
The US Dollar has weakened against most major currencies this week and after the the US Bureau of Economic Analysis announced that the US economy contracted at a 32.9% annual rate from April to June, its worst drop on record.
The Emarati Dirham, Qatari Riyal and Saudi Riyal are all pegged to the US dollar so all lost ground against Sterling and continue to do so.
The Pound has strengthened against most major currencies and is ending the week as the best performing currency.
If you are transfer funds back to the UK please get in touch so we can get a transfer arranged before the rate climbs any further against.
Sterling sellers, it may be wise to keep a close eye on the markets as any negative Brexit news could cause the Pound to drop again.