The Enemy Within - Currency Exchange News

Today's Currency Market Focus Includes:

GBP: The enemy within
EUR: Italy goes for broke
USD: Trump gets his way again

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GBP: The enemy within

Sterling dipped late last week as the latest GDP (economic growth) data came in below expectations.

This week all attention will be on the Conservative party’s annual conference.

The party remains deeply divided over Brexit and Theresa May will be fighting the enemy within. Let’s hope she performs better than last year’s “car crash” speech.

EUR: Italy goes for broke

The Euro was hit hard last week after the Italian government passed plans to run a huge budget deficit.

The Italian finance minister got overruled by his new “populist” coalition partners, who have decided to ignore the lessons from the past and try to spend their way out of trouble.

There’s not a lot the rest of the EU can do other than frown and tut-tut. As Italy is one of the EU’s big four, it heightens the risk of political instability which will lessen the appeal of the Euro.

USD: Trump gets his way again

President Trump loves to negotiate hard. His threat to kick Canada out of NAFTA seems to have done the job.

The press is reporting that the US and Canada have reached a new trade agreement – with US dairy farmers getting greater access to Canadian markets – exactly what Trump demanded.

While this is good news for the US, the irony is it will cause Dollar weakness as risk sentiment improves and investors rotate out of safe-haven currencies like the Dollar.

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Current rates:

Monday 1st October 2018 at 12:15

£1.00 GBP = 1.1238 EURO

£1.00 GBP = 1.3051 USD

£1.00 GBP = 1.8073 AUD

£1.00 GBP = 1.9758 NZD

£1.00 GBP = 1.6695 CAD

£1.00 GBP = 18.3803 ZAR

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