Topsy Turvy week for Pound

Topsy Turvy week for Pound
Topsy Turvy week for Pound

Currency Matters

This week has seen the pound seesaw, rising against the US dollar to over 1.36 and dip against the euro to 1.12. Put them in a blender and the euro is up strongly against the dollar to 1.214, its highest level for 3 years.

The pound’s slide against the euro was a combination of UK and Euro influences: London Mayor Sadiq Khan released a Brexit impact report which made gloomy reading for the UK economy suggesting a ‘no-deal’ would cost the UK £50 billion and generate a ‘lost decade’. Over in europe there were good figures out of Germany and the European Central Bank released minutes from its last meeting which were positive for the eurozone.

Meanwhile the Trump show won’t roll into town next month as Washington signals that the president’s proposed UK visit has been cancelled. The official reason is cited as his disapproval of the new US Embassy in Vauxhall but we all know that he wants to avoid the planned protests.

Around the world the pound was up against the Hong Kong Dollar 10.66 and steady against the Australian dollar at 1.73 having taken a dip down to 1.71 on Thursday.

In other news, UKIP flag bearer Nigel Farage has unexpectedly lent his support to a second Brexit referendum to “silence the Remoaners once and for all’. I’m not sure which pubs he frequents to sound out public opinion but the Government’s shaky handling of Brexit negotiations so far might give Mr Farage a nasty shock!

As always, shop around for the best exchange rate and don’t take unnecessary risks; you will never catch the top of the market!


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