Top Currency Pairs Monday 10th October 04:00 UTC GBP/USD: 1.10789 (Last Week: 1.11166) EUR/USD: 0.97368 (Last Week: 0.98048) GBP/EUR: 1.13783 (Last Week: 1.13378) If you would like to book in a forward contract to reduce market volatility, please speak with your account manager or contact the team at +44 20 3908 4662 - info@goxchange.co.uk
Market News
Pound Sterling The Pound continued to recover last week from late September's historic low point for the currency against both the Euro and Dollar. The Bank of England's timely intervention last week aided the pound's recovery and eyes will be on the BoE once again as an announcement is expected later on this morning detailing their strategy for bringing an "orderly end" to the emergency buying of bonds. Depending on how this strategy is interpreted by investors will go some way toward the Pound consolidating its position against the Dollar which is currently at the 1.10 mark. It could be a similar story for the Pound against the Euro as a period of consolidation rather than improvement against the current mark of 1.14 is the most likely outcome from the fallout of Monday mornings BoE announcements.
Euro It's a bleak outlook for the Euro according to the latest findings from the Sentix data survey. The ongoing energy crisis along with recent escalations of the war in Ukraine spells trouble as the Eurozone is now described by Sentrix as being "in a very deep recession" after the index found the points to be at the lowest levels recorded since May 2020. At the back end of last week, the EUR/USD continued to decline with the Euro trading against the dollar at 0.974 at close of play on Friday. It was a slightly different story with the EUR/GBP which saw a slight improvement at the end of last week ending up just short of the 0.88 mark.
U.S. Dollar The USD continues to stay strong against both the GBP and the EUR. There is the potential for limited movement in the USD/GBP this week depending on what comes from the BOE announcement's expected early on Monday, however the USD is expected to continue to make gains against the EUR with the previously mentioned troubles in Europe being the main driver. Key events to note in the U.S market are Columbus Day today which sees the U.S bond markets closed. The U.S Federal Reserve Vice Chair Lael Brainard and Chicago Fed chief Charles Evans speak. Also, of note the international Monetary Fund and World Bank annual meetings are due to take place in Washington.
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Disclaimer: This is not investment advice; it is for informational purposes only.
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