Gray Structure

30th October 2020

HOW HAS THE POUND BEEN PERFORMING?

Against the US Dollar

GBP opened on Monday morning at 1.3040 where the Pound kept steady around this area for the first half of the week keeping just above the 1.30 level. On Wednesday, GBP managed to push above 1.3050 as the US Dollar Index took a tumble due to uncertainty on US presidential elections, which is happening next week. GBP didn't managed to hold it's firm price above 1.3050, seeing the Pound fall lower to 1.2905 by Thursday evening as lockdown fears overshadow this week's steadiness from Sterling.
 

Against the Euro

GBP started the week just above 1.1040 on Monday morning, seeing the Pound push above the 1.1050 region by mid-week. The pair remained indecisive with concerns rising from France and Spain, hearing they may enforce further restrictions after a surge in cases and further Brexit talks held the Pound around the 1.1050 region this week. The EU kept their interest rates at 0% (as expected) yesterday, weekly low was 1.0978 and the high was 1.1101.

Brexit, Covid & Economic Data

- If you have US Dollars or Euros to buy or sell please contact the desk. It's important to try and get the timing right with the Pound being very volatile, our desk can try and support to the best we can.

- On going meetings/negotiations with the UK & EU will fluctuate the Pound.


Please note, this can cause a negative impact for Sterling.

ECONOMIC CALENDAR

Next week​

2nd November - 6th November 2020

Monday:

08:55 EU German Markit Manufacturing
08:55 EU Markit Manufacturing
09:00 UK Markit Manufacturing
14:45 US Markit Manufacturing PMI
15:00 US ISM Manufacturing PMI
15:00 US ISM Manufacturing New Orders

Tuesday:

13:00 US Presidential Election
14:00 US Factory orders
15:00 US Consumer Confidence

Wednesday:

08:55 EU German Markit Services PMI
09:00 EU Markit Services PMI
09:30 UK Markit Services PMI
13:15 US ADP Employment Change
14:45 US Markit Manufacturing PMI
15:00 US ISM Services PMI

Thursday:

10:00 EU Retail Sales
12:00 UK BoE Policy Report
12:00 UK BoE Asset Purchase Facility
12:00 UK BoE MPC Vote Cut
12:00 UK BoE Minutes
12:00 UK BoE MPC Vote Hike
12:00 UK BoE Interest Rate Decision
12:30 UK BoE Bailey's Speech
13:30 US Jobless Claims
13:30 US Initial Jobless Claims
13:30 US Fed Interest rate Decisions

Friday:

13:30 US Non Farm Payrolls
13:30 US Average Hours Earnings
13:30 US Unemployment Rate

Contact

dealing@arracofx.co.uk

00 44 (0) 208 065 4100

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