Today's Currency Market Focus Includes:
GBP: Sterling rises on rumours
EUR: Coming unstuck?
USD: Chinese whispers
GBP: Sterling rises on rumours
According to the Sunday Times, Theresa May has come up with a new plan to break the Brexit deadlock and allow the UK to remain within the EU customs union.
The government has officially claimed the report is simply “speculation”.
Any deal with Brussels would need to win approval from the British Parliament – a difficult task as politicians on both sides remain deeply divided.
With a light calendar this week, the Pound will be highly susceptible to Brexit rumours and speculation.
EUR: Coming unstuck?
It’s only 2 months before the European Central Bank is meant to begin winding down its bond-buying programme – a remnant from the financial crisis.
But traders are starting to wonder whether this is actually going to happen. The EU has lost economic momentum and there is growing friction with Italy over its proposed budget.
Speaking of Italy, the war of words continues. Over the weekend, European Commission President Jean-Claude Juncker threatened the Italians saying “For the first time someone is saying the (EU budget) rules are of no interest to us. That will have consequences”. The longer this drags on, the more it will damage the Euro.
USD: Chinese whispers
The Dollar has been seesawing on rumours surrounding a new China-US trade deal.
The usual Trump-style negotiations are taking place – a combination of opportunities and threats (the old carrot and stick). The President said a lot of progress has been made so far but also got one of his spokespeople to warn he would “pull the trigger" on additional tariffs on China, depending of course on how talks go.
Meanwhile the US is focused on mid-term elections, so this week is all about politics not economics.
Thanks For Reading, What Next?
Have a great day, Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.
Current rates:
Monday 5th November 2018 at 11:25
£1.00 GBP = 1.1440 EURO
£1.00 GBP = 1.3023 USD
£1.00 GBP = 1.8098 AUD
£1.00 GBP = 1.9561 NZD
£1.00 GBP = 1.7064 CAD
£1.00 GBP = 18.7234 ZAR
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