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Pound under pressure

business-articlesPound under pressure
-           Pound under pressure ahead of mortgage data
-           Deteriorating US confidence drags on US dollar
-           Oil worries limit Canadian dollar upside

Lower mortgage approvals to dent pound
Confidence in the pound looks set to weaken further this morning with the release of the latest BBA loans for house purchase data.
As forecasts point towards a decline in mortgage approvals on the month, signalling a lower level of domestic confidence, this could put additional pressure on GBP exchange rates.
Political anxiety is also likely to limit the appeal of the pound in the near term, with markets still lacking clarity over Brexit.
Signs of economic weakness to weigh on US dollar
Worries over the outlook of the US economy picked up yesterday as June’s consumer confidence index slumped from 134.1 to 121.5.
With the US facing a loss of economic momentum in the second quarter the mood towards the US dollar naturally soured.
However, if the latest durable goods orders data demonstrates an improvement on the month USD exchange rates could find a rallying point.
Oil tensions continue to drive Canadian dollar outlook
With tensions between the US and Iran mounting, the Canadian dollar has been able to maintain a stronger footing thanks to rising oil prices.
However, the Canadian dollar could fall out of favour this afternoon if the latest US crude oil inventories figures show an increase on the week.
Elevated levels of US oil production would limit the impact of any decline in Iranian supply, driving prices lower and denting CAD exchange rates.
Upcoming Data:
Wednesday, 26th June 2019

09:30 GBP BBA Loans for House Purchase
13:30 USD Durable Goods Orders
13:30 USD Advance Goods Trade Balance
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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