Today's Currency Market Focus Includes:
GBP: Feeling the pressure
EUR: Rally fizzles out
USD: Fed on front foot
GBP: Feeling the pressure
Brexit remains front and centre for Sterling. While publicly Theresa May is saying Britain is preparing for a hard exit, behind closed doors there seems to be a feeling that both sides are preparing to compromise. Or so we think.
With just over 6 months until Brexit day, pressure is mounting.
Perhaps Theresa May’s biggest obstacle is not the EU but her own party. The Conservative Party holds its annual conference next week and Brexit will be the dominant issue whether the PM likes it or not.
As we’ve seen over the past two years, sentiment towards Brexit can swing from positive to negative suddenly. It’s why investors need to take advantage of moves in their favour.
EUR: Rally fizzles out
The Euro has pressures of its own.
Yesterday the Euro took a tumble as the press reported that the Italian budget meeting would be delayed. This got investors thinking that the new government is heading for a bigger deficit – something that will cause plenty of friction in the EU.
Today we have Eurozone inflation (CPI) and German unemployment. Both are high impact numbers.
USD: Fed on front foot
As expected the Federal Reserve (Fed) raised rates for the third time this year.
But it was the wording that went with the decision that got the Dollar firing with the Fed hinting at a 4th hike in December. Markets seem to think we aren’t far off the last of the hikes though, which may put a handbrake on its upward momentum.
Thanks For Reading, What Next?
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Have a great day,
Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.
Current rates:
Friday 28th September 2018 at 16:45
£1.00 GBP = 1.1222 EURO
£1.00 GBP = 1.3043 USD
£1.00 GBP = 1.8016 AUD
£1.00 GBP = 1.9652 NZD
£1.00 GBP = 1.6846 CAD
£1.00 GBP = 18.4344 ZAR
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