Sterling higher amidst strong market rally

Hi everyone,

 

The Pound is up 0.5% against the majority of currencies today, after a sizeable rally in global equity and commodity markets. The FTSE 100 also jumped this morning, suggesting an inflow of foreign capital into UK assets, which is more good news for both the UK & £.

For £-€ rates, it looks as if we are finishing the week at pretty much the same range as we started it. 1.1260 mid-market was the highest point seen this week with 1.11 mid-market being the lowest. £-$ rates have rallied 2-cents this week, meaning it's one of the best times in nearly 3-months to buy $ now.

The latest round of EU-UK trade talks reached a stalemate with both camps confirming that no significant progress was made this week. This means the market will wait until the end of the month to see whether an extension happens or not to determine the £'s value. "A deal must be sealed by October 31st" said chief negotiator Michel Barnier this afternoon, who then confirmed the next set of negotiations will take place at the end of June.
 

 

 

 
 
 


Upcoming data


Friday 5th June

20:00 US - Consumer credit




Ian Daly
Trading Floor Manager

 
 
 

 

 

GBP
GBP

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USD
USD

 

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$ 1.2650

 

   

GBP
GBP

-

EUR 
USD

 

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€ 1.1180

 

 

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