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Pound hits 2-week high

business-articlesPound hits 2-week high
  • Pound pushes higher despite rise in coronavirus deaths
  • US dollar extends gains before unemployment data
  • Plunge in oil prices drives Canadian dollar lower
Sterling advances for fifth session
The Pound moved higher on Wednesday, with the UK currency extending its rally into its fifth consecutive session and striking a two-week high.

However, Sterling’s advance slowed towards the end of the session as the UK reported that daily coronavirus deaths struck a new high.

GBP investors will be keeping a close eye on coronavirus developments amid ongoing speculation the government could impose stricter restrictions.
US unemployment report in the spotlight
The US dollar found itself surging during yesterday’s session, with investors flocking back to the safe-haven currency amid renewed fears over the coronavirus crisis and its potential impact on global growth.

Building on these gains was the publication of the ISM manufacturing PMI, as US factory growth proved more resilient than expected in March.

In the spotlight today we have the publication of the latest US initial jobless claims later this afternoon.
Having previously reported a record increase of 3.2 million new unemployment claims for the week ending 21 March, economists are forecasting claims will have accelerated as the coronavirus crisis prompted even more layoffs.
Canadian dollar slides as oil prices plunge nearly -6%
The Canadian dollar fell further out of favour on Wednesday as the oil market experienced another day of significant selling pressure.

As Brent crude slumped nearly -6% on the day’s opening level, driven by mounting anxiety over the current global oversupply, this left the commodity-correlated Canadian dollar on the back foot.

Further losses could be in store for CAD exchange rates this afternoon if February’s Canadian trade data fails to impress.

Evidence that the trade deficit widened even before the Covid-19 crisis set in would undermine confidence in the economic outlook, pushing the Canadian dollar lower.
Upcoming Data:
Thursday, 2nd April 2020
09:00 EUR Eurozone Producer Price Index
12:30 CAD Balance of Trade
12:30 USD Balance of Trade
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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