The US dollar continued its losing streak against the euro yesterday, taking its monthly losses to 2.25%. The currency pairing reached a level not seen since the first trading day of January, likely influenced by highly anticipated rate cuts from the Federal Reserve next month.
The US dollar slipped just under half a per cent against the pound on Tuesday and close to three-quarters of a per cent against the Japanese yen.
Should you wish to lock in today’s rate with a forward contract, simply call your account manager on 020 7898 0541. to protect your upcoming transactions from any volatility.
Former US president Barack Obama delivered a rousing speech at the Democratic National Convention yesterday, using his political prowess to show support for candidate Kamala Harris. He ended his speech by editing his famous campaign slogan “Yes we can” to “Yes she can” in support of the vice president.
The economic docket is rather light this week, however, this evening, investors will be listening out for the FOMC minutes at 7 pm UK time which may shed more light on how central bank policymakers are approaching the upcoming interest rate decision.
Yesterday marked a new era for the British pound as the first £1 coin bearing the official portrait of King Charles III entered general circulation. The Royal Mint released eight new designs in October last year and the £1 coin is the first of eight denominations to enter circulation.
Despite the shiny new additions to the market, sterling remains at the mercy of larger global movements. Comments from the Federal Reserve this evening and on Friday at the Jackson Hole Symposium could easily influence movement should officials change their tune.
For guidance on managing your currency risk, speak to your account manager at Smart Currency today at 020 7898 0541 or book a callback at a time that best suits you.
