Just a few days into the New Year seems to have turned things around for the US dollar, which gained almost a cent against the pound and euro in Tuesday’s session, reversing last week’s losses and adding 1% against the euro and 0.65% against the pound, respectively, since this time last week.
As we know very well, the currency markets are extremely volatile at times. That’s why it pays off to have your account manager on hand to watch the markets for you, so you don’t waste valuable time with one eye on the numbers. Why not talk to your account manager today about a forward contract, it might help you plan for a brighter 2024! Call your trader on 020 7898 0541 to do that.
This morning we heard that UK grocery price inflation slowed to 6.7% in December, reflecting the best Christmas figures since 2019. Inflation is to be a hot topic in the coming months as markets predict central banks to start cutting interest rates as early as March, whether that will affect inflation, remains to be seen.
This afternoon’s data comes from the US with ISM manufacturing PMIs for December, JOLTs for November and the latest FOMC minutes. Investors will be listening out should any surprise the markets and impact the US dollar.
For guidance on managing your exposure to the volatile currency market, simply give your trader a call on 020 7898 0541 today.
