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Brexit headwinds bludgeon the pound

Currencies Direct

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…

Latest currency news
The pound has fallen back over the past couple of weeks as heightened Brexit uncertainty unnerves some GBP investors.
This uncertainty has also created some notable volatility in Sterling, which saw GBP/EUR trade between 1.17 and 1.15 before settling at 1.16, whilst lifting EUR/GBP from 0.85 to 0.86.
Meanwhile, GBP/USD has slumped from 1.32 to 1.30, and EUR/USD has stumbled from 1.13 to 1.12.

What’s been happening?
Trade in the pound has become increasingly erratic in recent weeks, with elevated Brexit uncertainty resulting in some dramatic swings in movement and weakness in GBP exchange rates.
At the same time, the euro faced some pressure in late March as Eurozone economic data continued to underwhelm, before stabilising in April as some data began to improve.
This has resulted in the US dollar being the strongest performer of the three currencies in the past couple of weeks, boosted by some robust US data and safe-haven demand.

What do you need to look out for?
Expect to see Brexit continue to drive volatility in the pound for the foreseeable future, especially if the UK crashes out of the EU without a deal.
While the outcome of Brexit will also impact the euro, the immediate focus for EUR investors will likely be on the European Central Bank’s upcoming rate decision.
Finally, the ongoing US-China trade talks will likely be in the spotlight for USD investors as a deal could undermine the US dollar as traders moving out of safe-haven assets.

At Currencies Direct we’re here to talk currency whenever you need us, so please get in touch if you want to know more about the latest news or how it could impact your currency transfers. Since 1996 we have helped more than 250,000 customers with their currency transfers, so why not give us a call on 00351 289 395 739 to find out more, or alternatively visit the website on www.currenciesdirect.com/portugal and register to get regular updates on the currency markets.