"Having contracted by the largest amount in 300 years it is entirely plausible if not inevitable that the economy would rebound at its fastest rate in 70 years.

Andrew Bailey demanded that the markets not get carried away by a recovery which simply takes the country back to where it was in 2019.

The meeting of the Bank of England’s Monetary Policy Committee that was held yesterday raised its forecast for full year GDP to 7.25% and confirmed its belief that the economy would return to pre-Covid levels by the end of the year.

The increase in the forecast from 5% three months ago is based on the pace of growth in the retail sector in particular and is in spite of several well-known High Street Brands either reducing their bricks and mortar presence or disappearing entirely.

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Beyond Currency Market Commentary:

Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.