Sterling fell from two-year highs against the US dollar on Wednesday but gained strength against the euro as investors focused on the differing approaches to monetary policy between the Bank of England and the Federal Reserve.
The pound-to-euro rate is currently while the pound-to-US-dollar rate is slightly lower on the day but remains over 1% higher on the week. It’s still not too late to speak to your account manager about a forward contract – give them a call today to discuss strategies on 020 7898 0541.
The Department of Work and Pensions (DWP) in the UK has been accused of deliberately making pension credit “inaccessible” to retirees with a 22-page form made up of 243 questions, including “Does your partner agree to your application?” This comes following chancellor Rachel Reeves’ campaign that aims to encourage 880,000 more pensions to claim the benefit.
Thames Water proposed raising average yearly water bills to £666.50 by 2030 to pay for its turnaround. As the average annual bill from 2023 to 2024 was £433, this suggests an increase of £200 per year.
Nvidia’s earnings report was highly anticipated, especially by US stocks on Wednesday, which lost 0.4% before the release. Despite its revenue more than doubling in the last quarter to $30bn, markets were unimpressed that it had undershot some of its more ambitious forecasts. Nvidia shares came under pressure in the aftermath, falling as much as 8%.
New figures showed that economic growth in Scotland matched the UK in the second quarter of the year. The Scottish economy is estimated to be 0.9% larger than it was in April to June 2023.
This afternoon, the spotlight shines on Germany as investors await the latest inflation rate, while GDP figures for the US are expected after lunchtime in the UK. Markets forecast 2.8% of economic growth for the US in the second quarter of 2024.
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 account manager on 020 3918 7255 to get started.
