Today's Currency Market Focus Includes:
GBP: Are we there yet?
EUR: Taking a backseat
USD: Losing momentum?
GBP: Are we there yet?
Sterling ended the week on a high on hopes that a Brexit deal is getting “very close”. The EU’s Chief Negotiator, Michel Barnier, said that they are prepared to offer the UK a “super charged” deal on trade.
Theresa May must now convince her party that they too must compromise if a deal is to be reached.
Investors are still lacking any real details, so are being guided by words not actions. The Irish border is the elephant in the room and could still undermine the whole process.
Analysts are saying the EU Summit later this month is likely to be too soon for any deal to be formalised and a more likely timeframe would be in November. A lot could happen between now and then.
EUR: Taking a backseat
Events in the US and UK have overshadowed the Euro of late.
On Friday, German data was positive with a strong reading on Factory Orders. However, it was not enough to tempt buyers. There are still lingering fears over Italian politics, which remains a drag on the Euro.
USD: Losing momentum?
The Dollar lost momentum towards the end of last week as the much-awaited jobs data came in below expectations.
On the surface the jobs numbers looked good – the US economy added 134,000 jobs in September and unemployment fell to a 48-year low. However, this was the fewest jobs added in 6 months and earnings growth was only 0.3%.
The implication is that a softening US jobs market would take pressure off the Federal Reserve to keep raising rates – which would be negative for the Dollar.
Thanks For Reading, What Next?
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Current rates:
Monday 8th October 2018 at 11:15
£1.00 GBP = 1.1381 EURO
£1.00 GBP = 1.3058 USD
£1.00 GBP = 1.8500 AUD
£1.00 GBP = 2.0248 NZD
£1.00 GBP = 1.6981 CAD
£1.00 GBP = 19.4687 ZAR
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