How Sterling performed in June

Hi everyone,

 

 

June was tipped to be one of the most volatile months on record for the Pound, as the UK approached a number of headwinds. The clear stand-out was the eagerly anticipated date for a Brexit extension, that turned out to be a non-starter for markets after it was very clear the UK wouldn't ask for one a week into the month. Still, the UK had to contend with a very real chance of negative interest rates, another stock market crash and any negative Covid-19 related news. None have come to fruition 'yet' and so the Pound has survived what looked like a troublesome month.

 

It looks like £-€ rates will end the month 1% down overall, achieving a high of 1.1260 mid-market and a low of 1.1020 mid-market (at the moment). It has been a steady decline for the currency pair as each week has gone by this month and no spikes up are expected anytime soon unfortunately. 

 

It was a slightly better picture for £-$ rates with some attractive prices seen at moments in the month. There is always a lot more volatility in this currency pair because the $ is the most traded currency in the world and so moves eagerly. 1.2340 is the lowest seen so far mid-market with a decent 1.2770 being the highest point mid-market. A huge 4% swing, meaning $500 would have been gained on a £10k exchange if you bought at the right time during the month. 

 

The Pound will continue to remain subdued across the board in July and be hypersensitive to any news relating Brexit, coronavirus and investor sentiment. 

 
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