Currency News - Is Sterling a falling knife?

Today's Currency Market Focus

GBP: Is Sterling a falling knife?
EUR: Pushed around
USD: Back to the uptrend

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GBP Is Sterling a falling knife?

Sterling doesn’t have many friends at the moment.

According to Reuters, selling momentum from hedge funds and speculators is at its highest level in 5 years.

It’s all to do with Brexit and its impending deadline – which is now only 8 months away.
The UK economy, while not flying, has been resilient.

Today we have the latest economic growth (GDP) figures, which is expected to be 1.3%, up from 1.2% last quarter. It might offer some respite to the Pound, but don’t expect it to last long.

EUR: Pushed around

There’s been a lack of EU news this week but that still doesn’t mean the Euro won’t swing around.

Currencies are a relative measure, so in the absence of local events, the Euro will be dictated by news elsewhere.

This has been evident this week with GBP/EUR led by Sterling weakness and EUR/USD driven by Dollar strength.

USD: Back to the uptrend

After some wobbles earlier in the week, the dollar continues its ascent and is just short of a 13-month high against a basket of currencies.

Simmering troubles with Russia and Turkey are bringing buyers to safe-haven currencies like the US Dollar (and Swiss France & Japanese Yen).

In addition, the US economy looks to be on the up. Today we have the latest inflation (CPI) reading, which is forecast to be 2.9% - a level that would suggest more rate rises are needed.

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Current rates:

Friday 10th August 2018 at 12:50

£1.00 GBP = 1.1146 EURO

£1.00 GBP = 1.2774 USD

£1.00 GBP = 1.7470 AUD

£1.00 GBP = 1.9355 NZD

£1.00 GBP = 1.6725 CAD

£1.00 GBP = 17.7342 ZAR

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