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.
- Sterling rallies as the PM leaves hospital
- Euro supported by hopes of Eurozone shared debt compromise
- USD slides as risk appetite improves
GBP exchange rates extend gains
The pound pushed to its highest levels in over a month on Tuesday, extending gains from before the Easter weekend.
Sterling was supported by the news that PM Boris Johnson left hospital after spending time in intensive care with coronavirus.
A general improvement in risk appetite also bolstered GBP exchange rates.
Investors will now be looking ahead to tomorrow’s Brexit phone call, with UK and EU negotiators set to discuss the timetable for the next round of negotiations.
Hopes of Eurozone compromise lift euro
The euro ticked higher on speculation that Eurozone finance leaders are closing in on a deal to support the currency bloc through the coronavirus.
The common currency also benefited from the news that countries like Austria are starting to ease their lockdowns and restart their economies.
EUR exchange rates could extend gains this week as long as reports continue indicating that the outbreak may have peaked in the European countries worst hit by the virus.
Rising risk appetite undermines USD
The US dollar returns from the Easter break on the back foot in the face of rising risk appetite.
Ongoing concerns about the spread of the coronavirus in the US have also weighed on USD exchange rates, with cases exceeding 550,000 and deaths standing at more than 23,000.
This afternoon’s consumer price index data may put an additional dampener on USD exchange rates, with forecasts pointing towards a dip in the inflation rate.
Although the CPI is not the Fed’s preferred measure of inflationary pressure, a softer showing here could still keep the US dollar on a weaker footing.
Friday, 10th April 2020
13:30 USD Consumer Price 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)