The pound fell back on Friday, driven lower by ongoing no-deal Brexit worries and renewed demand for many of its peers.
At the start of this week’s session GBP/EUR is muted at €1.1153, GBP/USD is flat at $1.2740 and GBP/AUD and GBP/CAD are holding steady at AU$1.7438 and C$1.6645 respectively. Only GBP/NZD is showing any real movement so far as it climbs to NZ$1.9250.
Today will bring the release of the Eurozone’s latest construction output figures, with the euro likely to advance should output rise in line with forecasts…
The pound put on a mixed performance on Thursday, with the UK’s latest retail sales figures failing to drive demand for the currency despite faster-than-expected growth last month.
Sterling is showing limited movement this morning, with GBP/EUR flat at €1.1166, GBP/USD muted at $1.2711 and GBP/CAD stable at C$1.6716. GBP/AUD and GBP/NZD are holding steady at AU$1.7493 and NZ$1.9280 respectively.
Today’s session will see the release of the Eurozone’s latest CPI figures, with investors expecting a muted reaction in the euro despite a likely rise in inflation.
At last, there is news for clients of Premier FX, the Almancil-based foreign exchange company that abruptly closed its doors in late July, freezing its customers’ funds and failing to communicate - beyond a brief message on its website, apologising “for any inconvenience that this may cause.”
On 13 August, 2018, on the application of the FCA, the High Court made an Administration Order in respect of Premier FX Ltd.
The pound fell to a new 13-month against the US dollar at the end of last week as a collapse in the Turkish lira saw investors flock to USD.
Trade in Sterling appears muted at the start of this week’s session, with GBP/EUR flat at €1.1196, GBP/USD subdued at $1.2747 and GBP/CAD stable at C$1.6760. Meanwhile GBP/AUD and GBP/NZD are holding steady at AU$1.7506 and NZ$1.9363 respectively.
A fairly quiet start to the week in terms of data may leave trade fairly thin today, barring any major Brexit or US trade headlines of course…
The pound rallied against the majority of its peers on Thursday, with the currency finding some support on suggestions it had been oversold earlier in the week.
Sterling’s performance appears a little more mixed this morning however, with GBP/EUR rising to €1.1156, GBP/AUD climbing to AU$1.7480 and GBP/CAD holding steady at C$1.6730, while GBP/NZD edges down to NZ$1.9385 and GBP/USD plummets to $1.2860.
Whether the pound can continue its recovery will depend on today’s UK GDP figures, with an underwhelming result potentially propelling the currency to new lows…
Premier FX, the foreign exchange specialist with a branch in Almancil, closed down last Friday, leaving many customers unable to access their funds.
Shortly before the announcement was posted on the PremierFX website, individual account balances were shown as zero, staff were fired, offices closed, phones and emails were left unanswered.
The despair triggered last weekend by the vanishing act of a “respected” foreign exchange company has developed into a steely determination by clients to get their money back, writes Natasha Donn from The Portugal Resident.
Today (Thursday) the Facebook page “Victims of Premier FX” was launched, as well as the group of the same name.
While trade in the pound remained thin on Wednesday in the run up to today’s Bank of England (BoE) rate decision, it still saw some notable movement against the US dollar in the wake of the Federal Reserve’s policy meeting.
Meanwhile Sterling remains largely static this morning, with GBP/EUR flat at €1.1246, GBP/CAD subdued at C$1.7035, while GBP/AUD and GBP/NZD hold steady at to AU$1.7728 and NZ$1.9325 respectively, Only GBP/USD appears to be bucking this trend so far as it tumbles 0.4% to $1.3082.
Looking ahead, the pound could see some significant volatility today as the BoE is expected to deliver a long-awaited rate hike.
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