Today's Currency Market Focus Includes:
GBP: It’s officially a mess
EUR: Pick your poison
USD: Fed up
GBP: It’s officially a mess
Let’s cut to it – no one knows what is going to happen next with Brexit.
There are so many possibilities that it is impossible to predict what’s around the corner. And as we’ve been saying for a while – the Pound remains hostage to Brexit.
Before the mid-Jan vote, the PM is looking to get “assurances” from the EU to help convince UK Parliament to back her deal. We doubt some assurances will make much difference. The more persuasive argument is simply the threat of a no-deal Brexit – which analysts think could trigger over a 10% fall in the Pound.
The Pound is looking increasingly fragile as the Brexit deadline approaches.
EUR: Pick your poison
The Euro is facing battles on several fronts. The upheaval in France combined with weakening Eurozone data and cautious comments from the ECB are all placing downward pressure on the Euro.
It wasn’t long ago that the Eurozone economy looked to be in firmly in recovery mode but with German growth slumping to a 4-year low, things don’t look good heading into the new year.
USD: Fed up
All eyes will be on the Fed’s December rate meeting tonight.
The odds of another hike stand at 69%. President Trump isn’t happy about it. He warned the Fed not to “make yet another mistake”.
Even though the Fed may go ahead anyway, some analysts think they will soften their tone on the outlook for 2019 – which could be Dollar negative.
We are staying open as normal throughout the Christmas period, except the public holidays.
If you need any personal guidance, a quick quote or need to trade, it is not too late.
We are open all this week!
Thanks For Reading, What Next?
Have a great day, Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.
Current rates:
Wednesday 19th December 2018 at 11:00
£1.00 GBP = 1.1090 EURO
£1.00 GBP = 1.2350 USD
£1.00 GBP = 1.7577 AUD
£1.00 GBP = 1.8446 NZD
£1.00 GBP = 1.7035 CAD
£1.00 GBP = 18.0856 ZAR
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