Investment & Insurance Blog

Currently browsing Latest Posts

https://www.bestpricefs.co.uk/app/foreign-exchange/

Yesterday

  • The Pound appeared to find some support in trading yesterday with GBP/EUR hitting a day’s high of 1.0920 and GBP/USD trading as high as 1.2209. Those gains however were largely eroded late into the afternoon as Sterling came crashing back down into the Mid-1.0800’s and Mid 1.2100’s against the Euro and Dollar respectively.
  • The recoil in Sterling rates appeared to coincide with the timing of comments made by Michael Gove.
  • Speaking to Sky News yesterday Michael Gove, the Minister for planning for a no-deal Brexit, said he was ‘deeply saddened that the EU now seem to be refusing to negotiate with the UK’. Mr Gove added that a new approach was needed and that the Government remains ready and willing to negotiate but that the EU must know the UK are leaving on the 31st October with or without a deal.
  • It is of course that no-deal rhetoric from the new Boris Johnson Government that has seen Sterling exchange rates plummet to recent lows.
  • Speaking shortly after those comments from Gove, Irish PM Leo Varadkar said that whilst as time goes by a no-deal exit becomes more likely, he does not accept that it is unavoidable and he remains confident an agreement can be reached.
  • US JOLTS Job Openings 7.35M (7.34M Exp)
  • New Zealand GDT (Dairy) Price Index -2.6% (+2.7% Previously)
  • According to US Federal Reserve Member James Bullard, a key member of the central bank, the Fed currently has interest rates set in the right area, but they should watch to see how the economy reacts to factors like the US-China trade war before making their next move.
Overnight

  • The Reserve Bank of New Zealand shocked markets and investors overnight by slashing their benchmark interest rate by 50bps, from 1.50% down to 1.00%. Economists had expected a 0.25% cut however the RBNZ went one step further, with Governor Orr stating that ‘Global economic activity continues to weaken demand for New Zealand’s goods and services’.
  • The Kiwi Dollar plummeted in FX space following the shock cut, initially falling by 1.6% against the US Dollar before recovering slightly. However at the time of writing even the struggling pound is up close on 2% against the Kiwi Dollar.
  • The sharp decline in the Kiwi Dollar has also impacted their close neighbours Australia with the Aussie Dollar also on the back-foot this morning.
  • German Industrial Production m/m -1.5% (-0.5% Exp)
  • French Trade Balance -5.19Bn (-4.0Bn Exp)
Today
  • Very little data set for release today.

 

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.0870 +0.09
GBP/USD 1.2175 +0.12
EUR/USD 1.1198 +0.00
AUD/USD 0.6720 -0.58

 

Time (GMT) Region Data Release Forecast Previous
14.30 USD Fed Member Evans Speaks
15.00 CAD Ivey PMI 52.7 52.4
20.00 USD Consumer Credit m/m 16.4Bn 17.1Bn

https://www.godi.io/market-updates/newsletter-7th-august-2019/

Please follow and like us:
error


Breakdown Cover (11)

Learn all about breakdown cover on the Best Price Financial Services blog. Get all the latest information and insights on breakdown cover.

Foreign Currency Exchange (89)

News and timely updates on relevant changes the international financial exchange market, to help you to manage both your currency exposure and the risks associated with market uncertainty.

General Insurance (6)

Home Emergency (25)

Blog posts about home emergency cover from Best Price Financial Services. Learn about home emergency cover and how it works.

Home Insurance (3)

Income Protection (20)

News and updates about income, employment and protecting you.

Investments (112)

Information and updates regarding UK Investment Plans.

Landlord Resources (8)

Helpful tips and advice about landlord cover from Best Price Financial Services. Find out about landlord home emergency cover and how it could help you.

Life Insurance (33)

Hints and tips about insurance and protecting your family.

Money Saving Tips (34)

Frugal tips to help you make the most of your money.

Motor Legal Protection (42)

All about Motor Legal Protection and how it can help you.

Press Room (66)

Latest news and views from discount broker Best Price FS

Savings (10)

All the information you'll need to find the best UK savings plans.

Structured Products (95)

News and updates about Structured Investment Products.

Tax products (8)

Ideas on how to receive enticing tax breaks, tax relief against your income tax bill, tax-free dividends and tax-free growth.

Travel Insurance (8)

Travel tips for holiday-goers, backpackers and skiers.