This morning the pound has continued to weaken against the euro. Yesterday afternoon sterling saw its biggest fall against the dollar since 2016. Today, sterling regains some strength against the dollar but remains low overall. This follows the latest data on UK house price index, global recession fears and growing energy market concerns.
With current economic concerns of inflation and prospects of a recession, it’s vitally important to manage the risk associated with currency rate volatility. If you know of someone who may require Smart’s services, this summer sees our largest ever referral bonus. As well as the usual £25 per successful referral (£50 for a business), you’ll be entered into a prize draw for £2,000 in flight vouchers. Make a referral before 30th September here.
This morning Germany’s balance of trade figures for July fell sharply against market expectations of €6.2bn. The latest data reveals Germany’s trade surplus declined to €4.9 bn. Fears of higher interest are also heavy in the eurozone as the European Central Bank is expected to make a 75 basis point increase on Thursday.
Two big data releases from the US today. Non-farm payrolls for August will be released this afternoon. US markets are predicting even more jobs will be added to the economy following last month’s increase.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
