Foremost Currency Group

Make the most of your currency

Talk to our friendly team:+44 (0)1442 892060

Sterling (GBP) Rallies as UK Concedes on Irish Border

Pound News: Irish Border Resolution Bolster’s Brexit Optimism

After dipping early in the European session, the Pound (GBP) strengthened against the majority of its peers following the news that the UK government had ‘conceded’ on the Irish border.

Reports suggest that the UK is prepared to accept a deal which will leave Northern Ireland within the EU’s customs union, preventing the need for a ‘hard border’.

However Sterling was forced to relinquish some of these gains later in the day as the DUP rejected the proposal, preventing a deal from being struck.

The release of the UK’s latest Services PMI later today may also weaken the Pound, with economists forecasting that activity in the UK’s all important service sector will have slowed in November.

Euro News: GBP/EUR Exchange Rallies on Hopes of Brexit ‘Breakthrough’

The Pound to Euro (GBP/EUR) exchange rate leapt by over half a cent on Monday in the wake of reports that the UK government would avoid implementing a ‘hard border’ between the Republic of Ireland and Northern Ireland.

At the same time the single currency dipped as the latest Eurozone PPI showed that price growth slowed in October.

The Euro may also witness further losses later today, with the publication of the Eurozone’s latest retail sales figures, with analysts predicting that sales growth will have contracted sharply in October.

US Dollar News: USD Strengthened as Trump Tax Bill Passes

The Pound to US Dollar (GBP/USD) exchange rate initially trended lower yesterday as the Senate’s passing of Trump’s long awaited tax bill helped bolster the appeal of the ‘Greenback’.

The pairing rallied by the afternoon however on hopes of a possible Brexit ‘breakthrough’ after Theresa May met with EU officials in Brussels.

Any attempts by the US Dollar to rally on Tuesday could prove to be short lived, with an expected dip in the ISM service PMI likely to weigh on the currency.

Canadian Dollar News: GBP/CAD Fluctuates on Brexit Speculation

The Pound to Canadian Dollar (GBP/CAD) exchange rate experienced volatility at the start of this week’s session, with the pairing fluctuating as markets reacted to Brexit developments.

Also influencing the pairing was a slight downtrend in oil prices as the commodity fell back from a two-year high, slightly weakening the ‘Loonie’.

Canada will release its latest trade balance figures later this afternoon, with its impact on the Canadian Dollar reliant upon whether the nation’s trade deficit narrowed in October.

Australian Dollar News: AUD Lifted by RBA Rate Meeting

The Pound to Australian Dollar (GBP/AUD) exchange rate tumbled overnight on Monday following the Reserve Bank of Australia’s (RBA) latest rate meeting.

While the bank unsurprisingly voted to keep rates on hold, the more optimistic outlook from policymakers regarding wage growth, helped the ‘Aussie’ push higher during the Asian session.

Meanwhile the Australian Dollar may strengthen again later tonight with the release of Australia’s latest GDP figures as economists forecast that economic growth will have remained robust in the third quarter.



Upcoming Data

Tuesday, 05 December, 2017

09:00             EU Services PMI (Nov)

09:00             EU Composite PMI (Nov)

09:30             UK Services PMI (Nov)

10:00             EU Retail Sales (Oct)

13:30             CA Trade Balance (Oct)

15:00             US ISM Services Index (Nov)

15:30             NZ Global Dairy Auction

Samuel Roberts

Currency Dealer

T: (0) 1442 892 077

© Copyright 2013 to 2018 | Foremost Currency Group Ltd | All rights reserved