The pound firmed during Thursday’s session, with the currency climbing amid a pause in the usual Brexit-related to and fro.
Sterling appears content with consolidating these gains this morning with GBP/EUR muted at €1.1113, GBP/USD steady at $1.2938 and GBP/CAD trading narrowly at C$1.7003, while GBP/AUD and GBP/NZD advance to AU$1.8086 and NZ$1.9673 respectively.
Looking ahead, the main focus for investors today will be the release of the latest US payroll figures, with the US dollar expected to surge if employment numbers rise in line with expectations.
Sterling managed to hold onto most of its recent strength at the end of last week despite some confusion over whether a Brexit deal with the EU was forthcoming, and the release of more soft economic data.
This morning Sterling is showing broad-based weakness, with GBP/EUR down 0.3% at €1.1131, GBP/CAD is also down at C$1.6862 and GBP/USD has fallen 0.4% to $1.2908. GBP/AUD is currently down at AU$1.7960 and GBP/NZD is unmoved at NZ$1.9543.
Sterling was on mixed form yesterday, initially rising higher against the majors on a wave of Brexit optimism, but later slipping back on mixed signals from the EU.
Chief EU negotiator Michel Barnier, had earlier said that the EU was ‘prepared to offer Britain a partnership such as there never has been with any other third country,’ but later qualified his comments saying ‘… but that includes a “no-deal” scenario.’
This morning, GBP/EUR is down 0.25% at €1.1129, GBP/CAD is up at C$1.6930 and GBP/USD is dead flat at $1.3011. GBP/AUD is currently up slightly at AU$1.7941 and GBP/NZD is unmoved at NZ$1.9553.
The Private Fund management Team writes: "we have linked below a communication from the Financial Services Compensation Scheme which is self explanatory:
See, International Adviser Communication from FSCS - ‘UK Lifeboat scheme won’t cover expats using defunct FX firm’
Our suspicions have been confirmed by this communication and it is with regret that customers and clients of Premier FX will not be covered by the Financial Services Compensation Scheme. This is mainly due to the fact that Premier FX were acting and engaging with their customers and clients outside of their authorised and regulated remit under their licence with the Financial Conduct Authority (FCA).
The pound resumed its slide lower on Tuesday, with the currency drifting on Brexit uncertainty and rumours that Bank of England Governor Mark Carney has decided to stay in his position for an extra year.
This morning, GBP/EUR is trading at €1.1018, GBP/CAD is holding at C$1.6634 and GBP/USD has advanced to $1.2872. Meanwhile, GBP/AUD and GBP/NZD are both up this morning and trading in the region of AU$1.7612 and NZ$1.9207 respectively.
Today’s session is expected to be a quiet one, with the main market-moving data release being the US Q2 Gross Domestic Product release as well as spending figures in the form of Core Personal Consumption Expenditures. Both figures are expected to impress, so we could see some upside pressure on USD/GBP.
Last September, tax authorities across the world, including Portugal and the UK, began sharing and receiving new information on their taxpayers’ offshore assets and income.
This is carried out under the Common Reporting Standard (CRS) for automatic exchange of financial account information. More than 100 countries have so far committed to obtain information from their financial institutions and pass it on to the clients’ country of residence.
The pound plummeted on Thursday as the UK government revealed some of the preparation that would be required to help mitigation the pressures caused by a no-deal Brexit.
Sterling is trading in a wide range again this morning, with GBP/EUR subdued at €1.1094 and GBP/CAD muted at C$1.6788 and GBP/USD climbing to $1.2835. Meanwhile GBP/AUD and GBP/NZD have dipped to AU$1.7622 and NZ$1.9296 respectively.
The US dollar is likely to be in the spotlight today, with markets focused on the Jackson Hole symposium and the latest US durable goods dataext
The pound fell back on Friday, driven lower by ongoing no-deal Brexit worries and renewed demand for many of its peers.
At the start of this week’s session GBP/EUR is muted at €1.1153, GBP/USD is flat at $1.2740 and GBP/AUD and GBP/CAD are holding steady at AU$1.7438 and C$1.6645 respectively. Only GBP/NZD is showing any real movement so far as it climbs to NZ$1.9250.
Today will bring the release of the Eurozone’s latest construction output figures, with the euro likely to advance should output rise in line with forecasts…
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