Today's Currency Market Focus
GBP: Sterling attempts a comeback
EUR: Germany’s struggles weigh on the Euro
USD: Oh dear, yet more tariffs
GBP: Sterling attempts a comeback
It’s been a volatile week for Sterling so far with two senior Cabinet members resigning. But many traders were surprised to see that Sterling has recouped most of its losses.
If Theresa May can cling to power, she has probably got a better chance of getting a Brexit plan finalised with some of the main ‘obstacles’ now removed – which is why Sterling has not capitulated.
Of course, those ‘obstacles’ are plotting in the background and will want to dethrone May at some point. But would they want to be PM now? Or is it better to let May do the heavy lifting on Brexit then make their move?
EUR: Germany’s struggles weigh on the Euro
No one is invincible. First the Germans were knocked out of the World Cup. Now their economy has hit the skids.
Yesterday we got the latest reading from the ZEW Survey which revealed economic sentiment has slumped to a six-year low. What’s more, analysts are worried a global trade war would hit Germany harder than most given many of its best industries rely heavily on exports.
USD: Oh dear, yet more tariffs
President Trump is at it again. A further round of 10% tariffs have been announced in relation to $200 billion of Chinese goods. The Chinese have vowed to retaliate.
While the US is the instigator of these ‘trade wars’, the irony is the Dollar is benefiting from its safe haven status. The market takes the view that even if protectionist policies ultimately hurt the US, they will hurt other countries far more. And as we know, currencies are a relative measure.
More eventful news is no doubt coming as President Trump has a busy schedule lined up over the coming days with a NATO meeting, visit to the UK then meeting with President Putin.
Thanks For Reading, What Next?
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Current rates:
Thursday 12th July 2018 at 15:00
£1.00 GBP = 1.1328 EURO
£1.00 GBP = 1.3227 USD
£1.00 GBP = 1.7875 AUD
£1.00 GBP = 1.9524 NZD
£1.00 GBP = 1.7412 CAD
£1.00 GBP = 17.6963 ZAR
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