Good month start for Sterling
4 April, 2018
First day back trading after the Easter break and we saw the Pound creep up against the Euro particularly following a positive result for UK Markit Manufacturing which rose from 55.0 to 55.1 for March. Closing the day just over half a cent better than where the market opened and providing a good level for those needing to buy Euros before the months remaining economic data is set to be released.
Over the Easter weekend news broke that the UK and the EU have agreed that the UK can use the transition period from the 29th March 2019 through to 31st December 2020 to make its arrangements on trade during that time. with no such agreed arrangements coming into play until the 1st January 2021. Liam Fox – Secretary of state for International Trade told BBC Radio 4 during an interview that the UK has begun talks with countries like Australia, the U.S and New Zealand. Now that a transitional Brexit deal has been reached talks are likely to move on and continue so the markets should still expect further movements.
With current levels only half a cent below the best rates seen in 10 months now is not a bad time to consider securing some currency. If you have Sterling in hand and have an upcoming need for Euros or Dollars then don’t take the risk of fresh Brexit news causing any upset on the current rates. Contact our brokers today to discuss how we can help.
Currency News Today
Again today is a quiet day for the UK in terms of data. This morning at 09:30 we have the release of UK Construction PMI and at 10:00 the Eurozone post the latest unemployment rate and Consumer Price Index figures. After lunch time the afternoons focus is on the US who post unemployment change at 13:15, Markit Services and Composite PMI are out at 14:45 and at the same time FED member James Bullard speaks. At 15:00 ISM Non-Manufacturing PMI, and Factory orders are out and lastly at 16:00 FOMC member Loretta Mester speaks.
With lots going on across the Pond if you have a Dollar requirement then stay in close touch with your broker today to stay on top of market movements.
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