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Pound jumps as hopes for a Brexit deal rise

business-articlesPound jumps as hopes for a Brexit deal rise
  • Brexit speculation sends Sterling to multi-month highs
  • Mixed labour market data dampens Canadian dollar
  • Euro stumbles as odds of further ECB loosening persist
Pound rallies, will it extend gains today?

In a widely anticipated move, the Bank of England (BoE) opted to leave interest rates on hold for a thirteenth consecutive month yesterday.
This move offered little support to the pound thanks to the generally cautious tone of the meeting minutes, which highlighted greater concern over Brexit.
However, Sterling came to life later in the day and jumped to multi-month highs against some of its rivals as EU Commission President Jean-Claude Juncker said in an interview with Sky News that ‘we can have a deal’ in place by the end of October.
The pound could continue climbing if progress is made in today’s meeting between the UK’s Brexit minister Steve Barclay and the EU’s chief negotiator Michel Barnier.
Retail sales forecast to lift Canadian dollar
Although August’s ADP employment change report showed a solid increase on the month the impact of the data was tempered by a downward revision to July’s figure.
With the Canadian labour market showing signs of weakness the mood towards the Canadian dollar naturally soured.
However, CAD exchange rates could find a rallying point this afternoon as forecasts point towards a solid uptick in monthly retail sales.
Evidence that consumers adopted a more positive outlook in July, fuelling higher retail spending and growth, could offer the Canadian Dollar a boost.
Eurozone consumer confidence index in focus
A lacklustre reception to the first cheap loans for banks offered by the European Central Bank’s (ECB) restarted quantitative easing programme weighed on the euro yesterday.
As markets remain wary of the prospect of further monetary loosening this underwhelming start put EUR exchange rates on the back foot.
Even so, the single currency may find support this afternoon if September’s Eurozone consumer confidence index shows signs of improvement.
The euro could return to a stronger footing against its rivals if sentiment within the currency union picks up, with higher levels of confidence likely to bolster domestic growth.
Upcoming Data:
Friday, 20th September 2019
13:30 CAD Retail Sales
15:00 EUR Consumer Confidence Index
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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