Today's Currency Market Focus
GBP: Short-lived rally
EUR: Treading water
USD: Hog on hog
GBP: Short-lived rally
The Pound fell yesterday after the incoming member of the Bank of England’s rate setting committee cast doubts over whether a UK rate rise is needed.
Economics professor, John Haskel, shared his views with parliament’s Treasury Select Committee. He thinks the uncertainty over Brexit warrants a cautious approach.
At last week’s meeting the committee voted 6-3 to keep rates on hold. It looks like the professor will be playing it safe.
Time is running out for Theresa May to make progress on Brexit ahead of the EU Summit which begins tomorrow.
EUR: Treading water
A quiet start to the week for the Euro with no real significant data to digest.
Simmering in the background is the escalating global trade war. President Trump has hinted that Europe could be dragged into the scrap next.
The Euro could be more lively in the coming days as we have German Consumer Confidence, CPI (inflation) and Unemployment. The trend of late has been negative, so investors will be hoping for an improvement.
USD: Hog on hog
The Dollar held steady yesterday as President Trump turned his fire and fury on an American rather than foreign target. He’s not happy with Harley Davidson, which is moving a lot of their production from the US to Thailand.
While this took some heat off China (and Europe), it still is part of the same problem. And that’s a problem that’s not going away. President Trump is prepared to play the long game and ride out a battle of retaliatory trade tariffs.
In the mean time, USD investors have a fair bit coming up with Durable Goods today and GDP tomorrow?
Thanks For Reading, What Next?
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Current rates:
Wednesday 27th June 2018 at 11:00
£1.00 GBP = 1.1351 EURO
£1.00 GBP = 1.3211 USD
£1.00 GBP = 1.7898 AUD
£1.00 GBP = 1.9362 NZD
£1.00 GBP = 1.7589 CAD
£1.00 GBP = 18.0341 ZAR
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