Currency Market News - Will the Budget help sick Sterling?

Today's Currency Market Focus Includes:

GBP: Budget this afternoon
EUR: Italy looking lonely
USD: Strong for good reason

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GBP: Budget this afternoon

The Pound is struggling under the dark clouds of Brexit. Last week it ended near 2-month lows against the Dollar and 3-week lows against the Euro.

The latest rumours are that Theresa May has put talks with the EU on hold as she can’t get her own cabinet to agree on what they want! It’s a sorry situation.

This afternoon we have the Budget. It’s the government’s chance to put a positive spin on the UK’s outlook, although the Chancellor had to admit over the weekend that a new budget would be needed if a Brexit deal can’t be reached.

On Thursday this week we have the monthly Bank of England (BoE) rate meeting alongside the latest Inflation Report. The BoE has struck a more cautious tone lately as fears mount that a no-deal Brexit is a serious possibility.

EUR: Italy looking lonely

The Italians continue to cause a stir in the Euro-zone. Their big-spending draft budget has gone down like a lead balloon.

Now EU leaders want to sit down and discuss it at their next meeting, despite requests from Italy to postpone the talks. The friction is not helping sentiment towards the Euro.

USD: Strong for good reason

The Dollar ended last week on strong footing.

With global stock markets still shaky, it is adding to the appeal of safe-haven currencies like the Dollar.

In addition, the US economy delivered better than expected GDP numbers on Friday, which also gave the Dollar an extra boost.

This week there will be plenty to digest including Consumer Confidence on Tuesday and Non-Farms Payrolls on Friday.

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Current rates:

Monday 29th October 2018 at 13:15

£1.00 GBP = 1.1266 EURO

£1.00 GBP = 1.2817 USD

£1.00 GBP = 1.8091 AUD

£1.00 GBP = 1.9602 NZD

£1.00 GBP = 1.6801 CAD

£1.00 GBP = 18.5580 ZAR

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