The challenge of minimising waste affects all businesses, but in light of the current global food crisis, waste in the food and drink industry is seen as a particular priority right now.
- Pound softened by Brexit warning
- Fed rate cut bets leave USD struggling
- Euro mixed as German industrial data disappoints
Vote of no-confidence would not stop no-deal Brexit
Pound exchange rates drifted lower again on Wednesday as Dominic Cummings, Boris Johnson’s most senior advisor, warned MPs that a vote of no confidence would not stop a no-deal Brexit.
Cummings reportedly stated: ‘Politicians don’t get to choose which votes they respect.’
The pound opened trading this morning on a more stable footing, but with UK data lacking until tomorrow Brexit headlines will remain the driving force of GBP movement.
Odds of 50 basis point rate cut rise to 35%
The US dollar came under pressure yesterday as the CME Group’s FedWatch tool revealed that the odds of the Federal Reserve cutting interest rates by 50 basis points have risen from 15% to 35%.
The prospect of the Fed delivering a sharp rate cut next month is currently limiting the US dollar’s potential for gains, so investors will be paying close attention to next week’s US inflation and retail sales reports.
German industrial production slumps
The euro put on a mixed performance on Wednesday as Germany’s latest industrial production figures provided cause for concern.
Production fell by a much steeper-than-forecast -1.5% on the month and -5.2% on the year, adding to concerns for the economic outlook of the Eurozone’s largest economy.
EUR exchange rates could dip today if the European Central Bank’s (ECB) economic bulletin paints a bleak picture.
09:00 EUR ECB Economic Bulletin
13:30 CAD New Housing Price Index
13:30 USD Initial Jobless Claims
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)