After a better performance against the euro yesterday afternoon, the pound is down again as Boris Johnson is due to meet Angela Merkel. The Prime Minister had previously said he would not engage in shuttle diplomacy, and officially much of the talks will be given over to the upcoming G7 summit, but the Irish backstop is generally acknowledged to also be on the agenda. Thus far, the EU has shown no sign of budging, so any result from their talks will be closely scrutinised.
Italy’s Giuseppe Conte has tendered his resignation, and Matteo Salvini is one step closer to his ambition of being Prime Minister. However, it is uncertain whether he can get enough support as it is, and an autumn general election looks more and more likely.
The Federal Reserve’s July meeting minutes will be released later today, and the dollar is at near-three-week highs. Any further hints ahead of Jerome Powell’s Friday speech will, again, be closely watched.
There is a lot of uncertainty on the horizon, but that doesn’t mean you need to delay your transfers. Simply give yourself the security of an unchanging exchange rate with a forward contract, so you always know how much you’re paying. Speak to your Personal Trader on 020 7898 0541 to get started.
