Today's Currency Market Focus Includes:
GBP: Is this the moment we’ve been waiting for?
EUR: Euro drifts down
USD: Dollar back in favour
GBP: Is this the moment we’ve been waiting for?
No one likes going into work on a Sunday. So it’s safe to assume that something important must be happening, because Dominic Raab, UK Brexit secretary, travelled to Brussels yesterday afternoon for a meeting with EU chief negotiator Michel Barnier.
It feels as though we are getting close to something concrete. Given the EU Summit commences on Wednesday, it would seem that both sides want to see if a deal can be reached this week.
But as we’ve been saying, Theresa May could face a bigger enemy at home. David Davis and Boris Johnson are openly critical of the deal as it stands. They will do their best to stage a rebellion.
There’s bound to be more twists and turns in the Brexit saga, which would trigger volatility in Sterling.
EUR: Euro drifts down
With fears over Italy still lingering, the Euro has been struggling of late.
The ECB President, Mario Draghi (who happens to be Italian), has made his feelings clear over the weekend stating that the Italian government needs to “calm down” and stop questioning the Euro as it is damaging companies and consumers.
Whether they will listen is another matter.
USD: Dollar back in favour
Buyers returned to the US Dollar during Asian trading hours this morning as Brexit uncertainty dented the appeal of the Pound and Euro.
After a brief lull in international trade wars, US Treasury Secretary stirred things up on Saturday saying that any future trade deals would encompass currency manipulation. The comment was thought to be aimed at Japan and China who are known to deliberately weaken their currencies to boost exports.
As we’ve pointed out previously, when things get scary, investors return to the Dollar.
Thanks For Reading, What Next?
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Current rates:
Monday 15th October 2018 at 10:15
£1.00 GBP = 1.1350 EURO
£1.00 GBP = 1.3139 USD
£1.00 GBP = 1.8410 AUD
£1.00 GBP = 2.0106 NZD
£1.00 GBP = 1.7107 CAD
£1.00 GBP = 18.9959 ZAR
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