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Currency Update - Sept 9th 2019


UK Political Drama Inspires Sterling Volatility 

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 past couple of weeks saw a volatile Pound react to a flurry of UK political news, with the GBP/EUR exchange rate trading between 1.09 and 1.11 and EUR/GBP retreating to 0.89.

Meanwhile, GBP/USD climbed from 1.22 to 1.23 after striking a three-year low of 1.19 and EUR/USD slipped from 1.11 to 1.10.

What’s been happening?
The pound put on the most dramatic performance over the last couple of weeks, initially slumping as Prime Minister Boris Johnson moved to prorogue parliament in September, then roaring back to life as a series of blows derailed Johnson’s plans and decreased the odds of a no-deal Brexit.

Meanwhile, the Euro struggled to find support as an increasingly gloomy outlook for the Eurozone economy limited the appeal of the single currency.

Finally, the US Dollar faced a sell-off in September, with investors responding to worrying data which hinted at the prospect of a US recession.

What do you need to look out for?
UK political news will act as the main catalyst for Pound movement in the coming weeks, with recent events suggesting a general election may now be inevitable.

Meanwhile, the Euro should maintain a downside bias as the European Central Bank looks set to announce a ‘substantial’ stimulus package this month.

For USD investors the focus will be on the Federal Reserve which is widely expected to deliver another rate cut this month, potentially exerting pressure on the US Dollar.

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 (please mention Algarve Daily News of how you heard about us).

T: 00351 289 395 739
M: 00351 912 510 121
E: jose.a@currenciesdirect.com
W: www.currenciesdirect.com/portugal

Currencies Direct - Ave 5 de Outubro, No 246, Almancil, Portugal, 8135-103


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