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Buying or selling a property abroad
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Paying a mortgage abroad
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Simply topping up your currency account for a holiday
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Making investments abroad
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A partner of ARRACO FX is a person or a company that helps to introduce us to potential clients. When that client signs up with ARRACO FX and becomes active, we then pay you an Introductory Service Fee (ISF).
9th October 2020
HOW HAS THE POUND BEEN PERFORMING?
Against the US Dollar
GBP opened the week at 1.2950 seeing GBP climb towards the 1.30 region on Monday and Tuesday morning. The only topic that was driving the market this way was President Donald Trump's health which allowed Sterling to hit near 1 month highs of 1.3008. This was reversed, as Trump quickly pulled the plug on the fiscal stimulus talks allowing the safe heaven Dollar to strengthen, seeing the rate drop below 1.2900. On Thursday, GBP managed to pull itself back above 1.2900, as Wednesday's nights vice-presidential TV debate ended in a no-score draw with markets also reacting to Trump's backtracking on his call to end fiscal stimulus talks, bringing the Pound back up to 1.2950 this morning.
This morning, the UK released their GDP which came in at 2.1% but market predictors expected 4.6%. Sterling managed to hold itself despite this poor economic data.
Against the Euro
GBP started the week just above 1.1040 on Monday morning, as news over the weekend benefitted from optimism on the chances of a Brexit deal after last Boris's call with Ursula von der Leyen. The Pound fell just below the 1.10 region, as Brexit talks are up and down with the self-imposed deadline of 15th October for a trade deal closing in. Michael Gove told the Brexit committee that there is a 60% chance of a trade deal, despite all of this the Pound has been trading between 1.0920 and 1.1040 this week.
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
12th October - 16th October 2020
Monday:
15:00 UK BoE's Haskel Speech
17:00 UK BoE's Gov Bailey speech
23:50 UK BRC Like for Like R-Sales
Tuesday:
07:00 UK Claimant Count
07:00 UK Claimant Count Change
07:00 UK Average Earnings
07:00 EU German CPI
10:00 EU ZEW Survey
13:30 US CPI
Wednesday:
10:00 EU Industrial Production
14:00 UK BoE's Haldane Speech
Thursday:
13:30 US Continuing Jobless Claims
13:30 US Initial Jobless Claims
Friday:
10:00 EU Trade Balance
10:00 EU CPI
13:30 US Retail Sales