Today's Currency Market Focus
GBP: No one mention the B word
EUR: Tricky times
USD: Donald’s not happy
GBP: No one mention the B word
The Pound has recovered in the last few sessions, helped along by a lack of news on Brexit.
That could be about to change as the British Brexit minister, Dominic Raab, has been in Brussels this week trying to break the ‘No Deal’ deadlock.
It already seems likely that the October deadline to agree a deal will be missed and therefore result in an emergency EU summit in November.
We see the current rally as temporary with investors taking advantage of Pound weakness given its recent poor run.
EUR: Tricky times
Like the Pound, the Euro has come under significant pressure recently, but for different reasons. This week, it too is enjoying a mini-rally.
However, while the Pound is focused on a single issue (Brexit), the Euro faces risks on multiple fronts. Turkish Lira depreciation, US-China trade tension and Italian budget blow-outs are all simmering in the background.
It makes the Euro a tricky currency to trade right now.
USD: Donald’s not happy
The Dollar continues to drift lower after its monster multi-month rally.
Donald Trump upset the applecart yesterday saying he was “not thrilled” with the Fed raising rates.
The Fed Chairman, Jerome Powell, is relatively new to the hot seat and Trump doesn’t like what he’s seeing so far. Let’s not forget that Trump made his fortune in highly leveraged property investments and is on record as saying he’s a “low-rate guy”.
Investors and President Trump will be keeping a close eye on the latest Fed minutes due out later today.
Thanks For Reading, What Next?
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Current rates:
Wednesday 22nd August 2018 at 17:50
£1.00 GBP = 1.1139 EURO
£1.00 GBP = 1.2913 USD
£1.00 GBP = 1.7573 AUD
£1.00 GBP = 1.9285 NZD
£1.00 GBP = 1.6608 CAD
£1.00 GBP = 18.3428 ZAR
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