Clé France

GBP: What a difference a day makes

Sterling surged back above 1.14 against the Euro yesterday. But it was more a case of Euro weakness than Sterling strength. 

In fact, against the US Dollar, Sterling continued to slump – hitting 6-month lows. 

For those looking to buy Euro / selling Sterling, it’s an opportunity to mitigate some of your risk and take advantage of the recent moves. 

Sterling has not been performing well. So the Euro’s sudden slump is an opportunity that may not last. 

EUR: Italian crisis sends Euro crashing

The euro hit multi-month lows against major rivals yesterday as Italy’s political crisis deepened. 

There’s now talk that another election being held in the coming months. The underlying fear is that a new election will turn into a referendum about Italy’s membership of the EU.

Yields on Italian bonds have skyrocketed, so there are already real implications to this crisis as Italy has enormous debt and may struggle to fund itself.

The political news is likely to dominant trading in the Euro. However, there is German unemployment and inflation data due out today. A strong showing is needed if the Euro is to regain some stability. 

USD: Dollar up on scared money

The situation in Italy has brought back memories of the euro-zone debt crisis of 2010-2012. 

Its undermined any thoughts about the Euro joining the club of the world’s safe-haven currencies. 

As expected, yesterday saw money flow into the usual suspects: the Dollar, Yen and Swiss Franc as investors took cover from the turmoil. 

Meanwhile, investors are keeping a close eye on talks between the US and China. It’s set to be a busy day with GDP and Advanced Goods Trade Balance due out later. 

Thanks For Reading, What Next?

To discuss current exchange rates and currency purchasing strategies, please contact your trader today on 01872 487 500.

If you don't yet have an account please request a free quote and we’ll look after you from there.

Have a great day,

Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.

Current rates: 

Wednesday 30th May 2018 at 15:45

£1.00 GBP = 1.1450 EURO

£1.00 GBP = 1.3284 USD

£1.00 GBP = 1.7609 AUD

£1.00 GBP = 1.9014 NZD

£1.00 GBP = 1.7115 CAD

£1.00 GBP = 16.7355 ZAR

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