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Brexit chaos resulting in sterling dramatic swings

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…

The pound found itself the biggest mover and shaker in currency markets, over the past couple of weeks, as Brexit continued to dominate investor attention.

This has seen GBP/EUR jump between 1.15 and a 21-month high of 1.17, before settling at 1.16, while EUR/GBP dipped from 0.86 to 0.85. Meanwhile, GBP/USD has climbed from 1.30 to 1.32, while EUR/USD has ticked up from 1.12 to 1.13.

The pound has been on a roller-coaster ride through March, experiencing wild swings as Brexit developments unfolded. The driving movement in the euro has been another run of lacklustre Eurozone data, and the European Central Bank’s announcement that interest rates would remain on hold through 2019.

Meanwhile, a dovish turn by the Federal Reserve dented the appeal of the US dollar. The Fed recently indicated that, this year,  it may leave interest rates on hold.

Unsurprisingly, Brexit will remain the key catalyst for movement in the pound, over the next few weeks, likely overshadowing any UK economic data, and driving further volatility.

At the same time, we may see some upside in the euro, in the coming weeks, as economists forecast that the Eurozone data will begin to show signs of recovery. Finally, for USD investors, the focus is likely to be back on the latest round of US-China trade talks, amidst hopes the two countries may be close to finalising a trade deal.

At Currencies Direct, we’re 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.

Since 1996, we’ve helped more than 250,000 customers with their currency transfers. Just pop into your local Currencies Direct branch, or give us a call to find out more.

T: +34 922 971 781

E: canaries@currenciesdirect.com

W: currenciesdirect.com

Short URL: http://www.canarianweekly.com/?p=46952

Posted by on Mar 29 2019. Filed under Business & Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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