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- Pound surges as odds of no-deal Brexit appear to decline
- Fed rate cut bets drag down US dollar
- Manufacturing weakness weighs on New Zealand dollar
Hopes of Brexit deadline extension boost pound
Reports that cabinet members were urging Boris Johnson to seek an extension to the current Brexit deadline fuelled a GBP exchange rate rally last week.
Although a significant degree of political uncertainty still hangs over the UK economy this latest bout of hope gave the pound a solid boost against its rivals.
However, as markets brace for the supreme court’s ruling on the prorogation of parliament support for the pound looks likely to fade.
US dollar under pressure ahead of Empire manufacturing index
Support for the US dollar proved limited last week as the Federal Reserve came under increasing pressure to cut interest rates more aggressively.
Although advance retail sales proved stronger than forecast in August this failed to boost USD exchange rates on Friday.
Further US dollar weakness could be in store this afternoon if September’s Empire manufacturing index fails to show an improvement on the month.
Consumer confidence decline may add to New Zealand dollar weakness
The appeal of the New Zealand dollar diminished as the domestic manufacturing PMI remained in contraction territory for another month.
The third quarter Westpac consumer confidence index could add to the bearish mood of NZD exchange rates tonight.
Unless sentiment shows an uptick on the quarter, suggesting greater domestic resilience, the New Zealand dollar looks set to shed further ground.
Monday, 16th September 2019
13:30 USD Empire Manufacturing Index
22:00 NZD Westpac Consumer Confidence Index
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)