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EURGBP Soars Again with UK ‘freedom day’ isolation

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The EURGBP exchange rate was trading 0.60% higher on Monday as the UK’s long-awaited freedom day saw the Prime Minister self-isolating. Further problems with the NHS track-and-trace app also saw half a million citizens asked to self-isolate at home. Cases in the country are still rising fast and there are worries that the reopening could be reversed. There is no big economic data for the euro versus the pound until Thursday and virus headlines may rule until then.

The EUR to GBP has surged higher in the last two days and Thursday will see the latest ECB meeting.

Boris and half a million miss ‘freedom day’

The long-awaited freedom day in the UK saw the Prime Minister self-isolating at home, while the track-and-trace app from the NHS also insisted that half a million in the country should do the same. The app pings friends of those who tested positive and that has led to half a million people being asked to stay indoors.

The situation has led to calls for the app to be scrapped as many delete it from their smartphones. The lifting of all restrictions is also flying in the face of scientists and there are fears over the rising case count which came in just shy of 40,000 on Monday.

The Prime Minister has also said that covid passports will be mandatory in busy establishments from September. The announcement prompted an immediate backlash from Conservative backbenchers and the entertainment sector.

“I should serve notice now that by the end of September, when all over-18s will have had their chance to be double-jabbed, we are planning to make full vaccination the condition of entry to nightclubs and other venues where large crowds gather,” he said.

For the euro to pound, this could be a headwind for entertainment venues and the hospitality sector.

Triple-lock pension is ‘safe

The “triple lock” guarantee for pensioners is “safe”, according to a Cabinet minister, despite speculation the pledge could be weakened because of soaring costs.

In an interview with LBC radio, Kwasi Kwarteng said that he believed the government should keep to the promises made in the Tory election manifesto. That plan was to retain the measure, which guarantees the state pension will increase in line with inflation, earnings or 2.5 per cent – whichever is higher.

“I think it is safe. I mean, I’ve always been of the view that we should stick to the words in the manifesto,” Mr Kwarteng said this morning. “Of course, things have happened, like Covid. Like the fact that we spent £350 billion in one year to support the economy.

The lock may be at risk due to the soaring inflation of late, where prices stretched to 2.5%, with the BoE target being 2%. That was the first time in two years that inflation had gone above the bank’s inflation target.

The EURGBP exchange rate trades at 0.8625 and will look to head for the resistance at the 0.8650 level.

The post EURGBP Soars Again with UK ‘freedom day’ isolation appeared first on Euro Rate Forecast.


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