The dollar is on an upward, if choppy, trend against the pound this morning. Although fears over a China-US trade war are returning, for the moment it appears that investors are still preferring the dollar as a safe haven, particularly with an Asian downturn, as Hong Kong records an 8.9% contraction year-on-year.
US manufacturing orders fell 10.3% last month, according to the latest data and General Electric has announced it is cutting some 13,000 jobs. This afternoon, we will see some key data, including the US’s balance of trade, non-manufacturing business activity and business optimism.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
