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15th November - Weekly FX Update

Top Currency Pairs Monday 15th November 9:00 UTC GBP/USD: 1.34134 (Last week: 1.34865) EUR/USD: 1.14469 (Last week: 1.15718) GBP/EUR: 1.17180 (Last week: 1.16548)


Market News

Pound Sterling The Pound gained some strength last week against the Euro after finding support. However the Dollar continues to pressure the Pound as the GBP/USD exchange rate dipped to 1.33543, the lowest level since December 2020. The currency will now look ahead to employment data which will be released on Tuesday, along with inflation in the middle of the week. Article 16 is also looming over the UK and this potential political risk with Northern Ireland could weigh heavily on the Pound, as traders keep a close eye on the outcome.


Euro The Euro was weaker last week after German inflation matched expectations at 4.5%. Meanwhile, coronavirus cases are still surging in the Eurozone, as Dr. Kluge, the director of World Health Organization Europe warned that the region was once again in the epicenter of the pandemic. The WHO reported around 2 million cases across Europe in the previous week, the most in a single week since the pandemic began. Austria in particular have enforced a lockdown for unvaccinated citizens. Fresh measures causes concern for derailing an already fragile economic recovery, as other countries including Germany, Netherlands and the Czech Republic are mulling over new restrictions. As a result, the Euro was down more than a percent against the Dollar last week.


U.S. Dollar The Dollar registered impressive gains last week, pushing the EUR/USD exchange rate to a yearly low of 1.14361. This was not so much as a result of supreme Dollar strength, but Euro weakness. Last week showed US inflation increasing at its fastest rate in three decades, which will likely force the Federal Reserve to hike interest rates sooner rather than later, as markets price in a first rate rise before July. Jobless claims have also declined for the sixth consecutive week in a row, closing in on pre-pandemic level. This week will see a raft of speeches by officials, which will provide clues about the banks intentions over the next 12 months.


If you require alternative currency pair updates, please get in touch and we can arrange for a personalised weekly newsletter. For other FX enquiries, or to book a demo, please call us on 020 3908 4662, or email us at info@goxchange.co.uk Disclaimer: This is not investment advice; it is for informational purposes only.




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