Today's Currency Market Focus
GBP: US to reject a Soft Brexit
EUR: Euro wilting
USD: Higher despite inflation miss
GBP: US to reject a Soft Brexit
Theresa May finally released the government’s Brexit White Paper yesterday but the joy has been short-lived.
President Trump has indicated the current plans would “kill” any chances of a UK-US trade deal. Party over.
Brexit seems to be a no-win issue for Theresa May and it continues to haunt the Pound.
EUR: Euro wilting
The Euro also finds itself in a weak position.
With the EU economy wilting in the summer, a cautious mood has once again returned to the European Central Bank (ECB).
Yesterday the latest minutes from the ECB revealed that its members are not considering raising rates next year, which was in contrast to market expectations.
USD: Higher despite inflation miss
The Dollar will not be deterred at the moment.
Yesterday saw the latest CPI figures come in under estimates – which would normally be Dollar negative.
However, geopolitical events are overshadowing day-to-day data. Donald Trump’s road trip is producing some big and sometimes scary headlines which is leading to greater risk aversion and therefore benefiting safe-haven currencies such as the Dollar.
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Current rates:
Friday 13th July 2018 at 14:15
£1.00 GBP = 1.1304 EURO
£1.00 GBP = 1.3158 USD
£1.00 GBP = 1.7818 AUD
£1.00 GBP = 1.9552 NZD
£1.00 GBP = 1.7358 CAD
£1.00 GBP = 17.5370 ZAR
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