Currency Update om Currencies Direct Costa Del Sol

  • GBP/EUR Recovers from 3-month low despite Brexit woes

    Staying on top of the latest currency news can help you time your transfers more effectively, so find out what you should be looking out for over the next couple of weeks…

    Latest currency news

    The pound recently plummeted to a three-month low against the euro as the latest Brexit developments took a toll.

    GBP/EUR has since recovered some of its lost ground however, with the pairing edging up from €1.10 to €1.11. EUR/GBP, meanwhile, has edged back below £0.90.

    GBP/USD remains over a cent weaker than the month’s opening levels (currently trading at $1.26) while EUR/USD is fluctuating around $1.13.

    What’s been happening?

    Unsurprisingly the last fortnight has been dominated by Brexit, with news relating to the UK’s exit from the Eurozone driving GBP exchange rates.

    PM Theresa May’s decision to cancel the hotly-anticipated parliamentary vote on her Brexit deal triggered broad-based pound losses earlier in the month.

    However, the fact that the PM later survived a vote of no-confidence was viewed as pound-positive, and GBP/EUR was able to edge away from multi-month lows.

    The EU has asserted that it is unwilling to negotiate further on the current Brexit deal, and it has been reported that No. 10 will now step up planning for a no-deal outcome.

    In other news, the European Central Bank (ECB) adopted a rather dovish stance following its latest policy meeting, and the US dollar has been fluctuating in reaction to the ongoing trade developments between the US and China.

    What do you need to look out for?

    Christmas is coming, which should mean a period of relative calm.

    However, if we see any significant Brexit headlines over the next couple of weeks the pound could have an excitable start to 2019.

    Data releases over the next fortnight are fairly sparse, although we do have the Bank of England’s (BoE) rate decision, US growth data and the publication of the ECB’s economic bulletin to look out for.

     

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