Currency Market News - Hopes dashed, Pound smashed

Today's Currency Market Focus Includes:

GBP: Hopes dashed, Pound smashed
EUR: What the XXXX is Italy up to?
USD: Fear strikes, Dollar spikes

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GBP: Hopes dashed, Pound smashed

Things really unravelled this week. The moment we’ve all been waiting for came and went. After countless rumours of an imminent Brexit deal it seems we are still at a stalemate with the EU over the Irish border.

So much so that the European leaders have even cancelled next month’s summit due to a lack of progress – there’s nothing to talk about.

On the domestic front, the Pound also retreated following soft readings for UK inflation and retail spending.

Just goes to show how quickly things can change in the foreign exchange markets.

EUR: What the XXXX is Italy up to?

We are used to Italy changing governments and forming complicated coalitions. But it hasn’t tended to cause problems for the rest of the EU…until now.

The current Italian government has proposed a ‘free-spending’ budget that is in serious breach of EU rules. Despite receiving a barrage of criticism, they are showing no signs of backing down.

This is causing disharmony in the EU and undermining the credibility of the Euro.

USD: Fear strikes, Dollar spikes

With stock markets suffering another big fall yesterday, risk aversion saw investors taking cover in the safety of the Dollar.

Exacerbating the move was the fact that the Pound and the Euro were having a bad day at the office for the reasons mentioned above.

Investors are still betting that more rate rises are coming in the US, so the appeal of the Dollar remains intact.

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Current rates:

Friday 19th October 2018 at 09:30

£1.00 GBP = 1.1389 EURO

£1.00 GBP = 1.3034 USD

£1.00 GBP = 1.8334 AUD

£1.00 GBP = 1.9840 NZD

£1.00 GBP = 1.7019 CAD

£1.00 GBP = 18.7656 ZAR

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