May Market Update (week 5)

In a relatively quiet week of high impact news it was the Sterling who took the brunt of some short term negative sentiment. GBP had a tough week across the board this week after the collapsed £69bn takeover bid for UK pharmaceutical firm AstraZeneca by the US drugs giant Pfizer. This was a huge deal for AstraZeneca and also the UK. Such a large investment into the country was bullish for the pound however its last minute collapse caused some strong selling through the week. This, alongside some heavy EURGBP buying from Bundesbank, weighed heavily on the GBP causing a significant drop throughout last week.