Covid-19

21/01/2021

Strong Inflation data fuels sterling rally

GBP The pound performed well across the board yesterday after the release of better than expected inflation data for December. Cable broke two year highs before retreating and GBP/EUR similarly broke eight month highs. Biden taking office, and the inevitable stimulus package caused sterling to strengthen as investors looked for greater returns. This paired with […]

19/01/2021

Vaccine Rollout Key to Quick Recovery

GBP Yesterday there was very little market news due to the US bank holiday Martin Luther King Day so the market was flat throughout the day. Boris Johnson told business leaders yesterday that efficient delivery of the coronavirus vaccine is Britain’s best economic recovery tool as he promised a sustainable fightback from the worst recession […]

08/01/2021

Sterling under pressure from potential early move from Bank of England

USD The dollar found some support in the form of a flurry of safe-haven demand yesterday. The increased demand for safe-haven currencies had been caused by investors acting cautiously amid concerns that the coronavirus pandemic is spiraling out of control once again, whilst Wednesday’s US political chaos failed to calm investors. Despite Wednesday’s drama in […]

06/01/2021

Brexit optimism overshadowed by new lockdown measures

GBP The Pound was pretty flat yesterday, holding at levels well below the two and a half year high against the Dollar we saw in the aftermath of the Brexit talks coming to a successful end, as a new lockdown deflated optimism from a post-Brexit trade deal with the European Union. The new measures, which […]

05/01/2021

Sterling edges lower as new lockdown is announced

GBP Sterling ended the first trading day of the year lower against its peers after the UK signalled a new lockdown to combat the second wave of fast rising coronavirus cases. The pound had initially started the day high, as relief carried over from the last-minute Brexit trade deal that had been announced just before […]

21/12/2020

New Covid strain worries investors

USD US congressional leaders have confirmed that a new stimulus package, worth roughly $900 billion has now been agreed. The bill includes additional unemployment benefits, stimulus cheques and support for several hard hit industries. This is the second largest US economic relief in US history, after the first stimulus package in March. Final votes are […]

17/12/2020

Dollar falls to multi-year lows

USD The dollar sank to fresh 2-1/2-year lows against major peers including the British pound and euro on Wednesday as progress towards agreeing a U.S. stimulus package and a Brexit deal boosted risk appetite at the expense of the safest assets. Congressional negotiators are getting closer to agreeing a $900 billion COVID-19 aid bill, lawmakers […]

03/12/2020

Brexit anxieties weigh on sterling

GBP Sterling fell to one month lows against the Euro and fell against the US dollar as doubts remain as to whether a post Brexit trade deal can be achieved. Differences remain between the U.K. and EU on the main sticking points which consist of fisheries, state aid and fair competition. Brexit uncertainty overshadowed positive […]

02/12/2020

Sterling edges higher as Brexit talks enter ‘tunnel’ stage

GBP Sterling climbed to a three-month peak versus the dollar after Times Radio said Brexit trade deal talks had entered the “tunnel” stage of negotiations. The “tunnel” is a term used for an intense final stage of secretive, make-or-break negotiations. Sterling rose as much as 0.9% to $1.3441, extending gains after the news broke. While […]

26/11/2020

Economic recovery looks bleak

GBP Yesterday Rishi Sunak unveiled future plans for UK spending, painting somewhat of a bleak picture for the road to recovery. The update confirmed that GDP will contract by 11.3% in 2020 and the government deficit was around 19%. In addition to this, UK borrowing will hit an all-time high with almost 400 billion being […]

23/11/2020

Brexit Optimism Resumes

GBP Sterling finished the week higher on Friday benefitting from rising Brexit optimism as investors took comfort in reports that a Brexit deal is 95% done. The reports were particularly reassuring for investors as they cited leaked notes from Fridays EU Brexit brief headed by European Commission Secretary Generale Ilze. Ilze, who was standing in […]

20/11/2020

Brexit talks suspended after positive Covid test

GBP Sterling continued to trade at one-week highs against both the Dollar and Euro as Sterling was aided by a weaker U.S. dollar and by increased hopes that the UK will forge a post-Brexit trade deal with the European Union before the January deadline. The EU and UK chief negotiators did however announce yesterday evening […]

19/11/2020

Sterling rises to one week highs

GBP Sterling rose to a one week high on Wednesday as positivity surrounding a Brexit agreement helped the British currency push higher. Reports are suggesting that an agreement between the UK and EU could be reached by early next week with the EU commissioner Valdis Dombrovskis saying that Britain and the bloc were in the […]

13/11/2020

Poor GBP data hurts Sterling

GBP Sterling weakened on Thursday after news that Britain’s economy grew by a slower-than-expected 1.1% between August and September, a pace that leaves the UK lagging behind other rich nations attempting to recover from the coronavirus pandemic. The reading that was below market expectations weighed on the pounds recent rally and will provide a reality […]

11/11/2020

Risk on sentiment boosts Sterling

GBP Sterling rallied close to early September highs on Tuesday benefiting from market sentiment shifting to risk-on amid hopes of a COVID-19 vaccine and a Brexit deal edging closer. The shift in market sentiment to risk-on follows the announcement from pharmaceutical company Pfizer that a vaccine that is 90% effective could soon be available. Commenting […]

10/11/2020

Sterling higher on Brexit and vaccine hopes

GBP Surging global stock markets and rumours that the UK is potentially shifting its position on the matter of fishing rights in ongoing EU-UK trade negotiations, in order to secure a deal, have pushed the Pound higher against both the Euro and Dollar. Sterling rallied throughout yesterday against the Euro and Dollar but dropped slightly […]

09/11/2020

Dollar sinks to lowest level in two months

USD The dollar sank to its lowest level in over two months against a basket of peer currencies on Friday, as vote counting for the contentious US election slowly moved toward a divided government, investors predicted more losses for the currency. Investors and financial executives took a big sigh of relief on Saturday after major […]

29/10/2020

Brexit impasse and rising Covid-19 cases hurts Sterling

GBP Sterling fell against both the euro and dollar during Wednesday trading as the worsening global COVID-19 situation and current Brexit impasse took its toll on the risk sensitive pound. According to the latest government figures, the UK reported another 24,701 cases of Covid-19 yesterday with a further 310 deaths. This rapidly deteriorating situation has […]

21/10/2020

Brexit talks hang in the balance

GBP Talks between Britain and the European Union over a post-Brexit trade deal are mired in a stalemate after a call between the two sides’ chief negotiators concluded without a breakthrough. David Frost and Michel Barnier held discussions for the second day running on Tuesday as they tried to restart talks that were suspended by […]


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Monthly Currency Market View April 2020

Concerned about currency volatility and its impact on your international payments? Our currency market view explores the key trends and global events that have shaped the currency market in the last month.

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