WEEKLY MARKET REPORT 06/08/2020

The British Pound went higher against the Euro, Dollar and other currencies following the release of the Bank of England's August policy statement that revealed the Monetary Policy Committee opted to keep interest rates and quantitative easing unchanged by an unanimous vote, while on balance policy makers struck a decidedly 'less dovish' tone than markets had been expecting.

Sterling is coming off the back of its strongest July since 1990, thanks to a weakening dollar. It has made up for its losses since Covid-19 led to lockdowns in March, when the currency nosedived to its lowest level in 35 years and policy makers rushed to slash interest rates.