Staying on top of the latest currency news can help you time your transfers more effectively, so find out what you should be looking out for over the next couple of weeks…
Latest currency news
Brexit continued to dominate currency markets in recent weeks, with fears of a no-deal scenario leading to some notable volatility in the pound.
This has resulted in GBP/EUR briefly jumping from €1.13 to €1.15 before closing at €1.12, while EUR/GBP climbed from £0.87 to £0.88.
Meanwhile GBP/USD traded in a range of $1.31 and $1.28, with EUR/USD creeping up from $1.13 to $1.14.
What’s been happening?
The pound has seen some significant volatility so far in November, with Sterling suffering some particularly dramatic losses last week as criticism of a draft Brexit agreement with the EU led to the resignation of two senior Cabinet members and attempts to force a no-confidence vote in Theresa May.
Political uncertainty has also has a significant impact on the euro this month, with both Brexit and Italy budget concerns denting EUR sentiment.
Meanwhile outside of a small setback due to the US midterm elections, the US dollar has remained buoyant over the past couple of weeks as demand was bolstered by nervous GBP and EUR investors.
What do you need to look out for?
GBP investors are likely to remain laser focused on UK politics in the coming weeks as May’s premiership remains in the balance and the draft Brexit deal is put before Parliament, with further losses in the pound likely if events increase the risk of a no-deal Brexit.
Meanwhile the euro is likely to remain sensitive to any news regarding Italy as markets wait for the European Commission’s response to Rome’s decision to defy EU fiscal regulations.
Finally the US dollar looks set to continue to appreciate as safe-haven demand likely remains elevated by European political uncertainty and renewed US-China trade tensions.
At Currencies Direct we’re here to talk currency whenever you need us, so please get in touch if you want to know more about the latest news or how it could impact your currency transfers. Since 1996 we have helped more than 250,000 customers with their currency transfers, so why not call in into our local Currencies Direct branch in Almancil or give us a call to find out more.
For more detailed information, please contact Chantelle at the local office on 00351 289 395 739 or alternatively visit the website on www.currenciesdirect.com/portugal and register to get regular updates on the currency markets.
