The big story continues to be the strength of the US dollar, which has strengthened by a minimum of 3% against the next nine major currencies over the past month.
The prompt for that has been, firstly, the multiple risks that face the global economy right now, from lockdowns in China to energy prices and the war in Ukraine, all exacerbating problems coming out of the pandemic. Secondly, the likelihood of the US Federal Reserve raising interest rates.
That will be decided tomorrow.
For the pound, after testing close to its weakest against the euro since late 2021 last week, sterling has made a modest recovery in the last few days, rising above €1.19 again.
There is a similar picture with GBP/USD, although its very small bounce has something of the dead cat about it and it remains close to its weakest for nearly two years.
There has been a slew of industrial and economic data from the eurozone over the past few days, most of it of concern.
In the business news, Qantas is reported to be buying jet aircraft that will be able to fly London to Sydney, Australia non-stop.
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