Sterling under significant pressure

Hi everyone,

Well the 'Boris bounce' didn't last very long (just a few days in fact), as today saw Sterling crash heavily across the board. The Pound has fallen below a huge psychological barrier of £-€1.10 today, which is the the first time since September 2017. £-$ rates now sit at the lowest point since January 2017.

Strong words from Johnson, Raab & Gove today have been the reason for the collapse. Raab claimed negotiating a good trade deal with the EU could be "much easier" after a no-deal Brexit.  Gove yesterday mentioned a no-deal Brexit is the "most likely" outcome. Johnson today said "The backstop is no good and the withdrawal agreement is dead".

It's the largest sell-off since March and one of the worst losing days since the referendum. The UK has pressed the rewind button to 2-years ago and £ has followed suit. The new Government has made it very clear the direction it will be going with the EU; Negotiate a new deal or it will be no-deal Brexit.

If this isn't already enough, it is a huge week ahead data-wise for all the majors. Everyday this week provides a potential further £ slip up, so there could be even more losses coming.


 

 

 

Upcoming Data
 

 

Tuesday, 30th July, 2019


05:30 EU - French GDP
06:00 EU - German consumer confidence
09:00 EU - Euro-Zone consumer confidence
12:00 EU - German CPI
12:30 US - Personal income & spending
14:00 US - Pending home sales
23:00 UK - Consumer confidence
 

Wednesday, 31st July, 2019


06:00 EU - German retails sales
06:00 UK - Nationwide house price index
07:55 EU - German unemployment rate
09:00 EU - Euro-Zone GDP, CPI & unemployment rate
10:00 EU - Italian GDP

11:00 US - Mortgage applications
12:15 US - Employment change
18:00 US - FOMC interest rate decision



Thursday, 1st August, 2019


08:00 EU - Eurozone PMI
08:30 UK - PMI
11:00 UK - BoE rate decision & inflation report
11:30 UK - BoE Carney conference
12:30 US - Initial jobless claim
14:00 US - Manufacturing & employment data


Friday, 2nd August, 2019


08:30 UK - PMI
09:00 EU - PPI & retail sales

12:30 US - Non-farm payrolls & unemployment rate
12:30 US - Average earnings & trade balance
14:00 US - Factory orders & durable goods 

 
 
 

Dan Waterman
Office Manager

 
 
 
 
 
Image Image
Governing Bodies and Registrations

Excel Currencies ltd are fully registered by both the FCA (Reg No:540484) and HM Revenue & Customs (MSB No: 12190705) as a Money Services Business. Excel Currencies ltd are also members of the UK Money Transfers Association (MTA) and the Association of International Property Professionals (AIPP).

Security of Funds

Excel Currencies ltd operate a Safeguarding Client Account System which protects all funds in these accounts against any liabilities that Excel Currencies ltd may have. These accounts are held with Barclays Bank plc and each account is segregated individually.

Excel Currencies Ltd, Enterprise House, 8 Essex Road, Dartford, Kent DA1 2AU

Registered in England and Wales, No. 05171054

Copyright © Excel Currencies Ltd 2019. All Rights Reserved.

Help Options Available

Contact Us

Live Chat OFF Live Chat ON