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Weekly Market Analysis June 26th 2017 |
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Focus on monetary policy outlooks keeps major currencies unsettled Concerns over Brexit negotiations and the outlook for monetary policy saw the pound ending lower against many of its peers last week, even if there were several sharp advances along the way. GBP/EUR ended on Friday nearly a cent lower at €1.1358. GBP/USD also shed nearly a cent, ending up at US$1.2716. It may be another quiet week for domestic data, but with Brexit negotiations ongoing and a speech tomorrow from Bank of England (BoE) Governor Mark Carney, you can be sure that the pound won’t get a rest over the coming days. |
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Today's Rate The rates above are using the British pound (GBP) as the base rate. All rates are for indication purposes only. Prices can vary dramatically based on amount and delivery date. |
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| | “Bank of England (BoE) Governor Mark Carney caused the pound to slump on Tuesday after claiming in a speech that it was not the right time to raise interest rates.”  Transfer 24/7 with our currencies direct app   |
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Pound Monetary policy and Brexit were the key issues that kept the pound on the wobble last week. There were surprises from the Bank of England (BoE) and more bumps in the road for the fledgling Brexit negotiations. |
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Euro The data for the Eurozone is looking positive, but the outlook on interest rates remains disappointing. Those were the key takeaways from last week, which saw the euro largely making gains, although there were some sharp declines in there as well. |
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US dollar A lack of domestic data last week kept the focus firmly on the Federal Reserve and the prospect of additional rate hikes in 2017. Odds were not good, however, and despite some confidence from William Dudley and Loretta Mester, policymakers largely seem to believe another increase in borrowing costs isn’t necessary this year. Unsurprisingly, this kept the US dollar mostly on the decline last week. |
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Australian dollar & New Zealand dollar Mixed outcomes from last week’s data kept the Australian dollar and New Zealand dollar fluctuating. GBP/AUD was on track to start today nearly a cent lower, but has raced above last week’s opening levels to AU$1.6827 this morning after Moody’s announced it had downgraded the credit ratings of a dozen banks in Australia, including the big four, due to risks to the housing market. |
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