Coronavirus uncertainty rocks currency markets in April

  • Coronavirus uncertainty rocks currency markets in April

    The past couple of weeks have been marked by some notable volatility in currency markets as the coronavirus crisis continues driving sentiment.

    During this time, we’ve seen GBP/EUR climb from 1.13 to 1.14 and EUR/GBP slip to 0.87.

    Meanwhile, GBP/USD has accelerated from 1.22 to 1.24, whilst EUR/USD is holding steady at $1.08.

     

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    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.

     

    What’s been happening? 

    Unsurprisingly the coronavirus crisis has remained top of the agenda for investors in recent weeks, infusing fresh volatility into the currency market. 

    During this time movement in the pound has been closely connected to the health of Boris Johnson, with the currency sliding as he was admitted to intensive care with coronavirus complications and steadily recovering ground after he was discharged. 

    Meanwhile, the euro has struggled over the past couple of weeks as rising tensions in the EU over the fiscal response to the crisis raised concerns over EU unity.

    Finally, the US dollar has traded in a wide range through April as shifting market sentiment has seen demand for the safe-haven currency fluctuate.

     

    What do you need to look out for? 

    It's safe to assume the coronavirus crisis will continue dominating sentiment in the coming weeks, likely stoking additional volatility in the currency market as investors speculate on the ultimate economic toll of the pandemic.

    However, as cases begin to peak around the world the focus will inevitably shift towards how countries’ plan to reopen their economies, with investors keeping a close eye on the UK, US and EU’s lockdown exit strategies. 

     

    At Currencies Direct we are here to talk currency whenever you need us, so get in touch if you want to know more about the latest news or how it could impact your currency transfers.

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