Sterling made some quite significant gains against the majority of major currencies following the Conservative victory in the general election.
Since then however we have seen the pound lose some of those gains following news that Boris Johnson intends to prohibit any further extension in trade talks past 2020. This obviously give Boris ammunition to negotiate but also brings a no deal scenario back to the table, something that will not sit well with investors. This could be one of the main catalysts for the drop in Sterling value.
Brexit developments will likely remain to be a key market driver during 2020 so be sure to keep up to date with what is going on if you have a trade involving the pound.
Today will see the release of the US Housing Price Index. It provides an estimate as to the value of housing market conditions, it is considered a key indicator as to the health of the housing market which can create market movement. There is predicted to be a fall from the previous month form 0.6% to 0.3%.
The Australian Dollar has suffered of late possibly due to Australia’s heavy reliance on China purchasing its goods. The ongoing trade war between China and the US has had repercussions on the Australian economy. The heavy tariffs imposed by the US on China has caused a slowdown in economic growth which has resulted in less demand for Australia’s primary export, iron ore. Keep a close eye on iron ore value if you have a trade involving iron ore as this could influence Australian dollar value.
There have been rumours circulating that a deal may be coming to fruition, but we have been at this stage before only to have further stumbling blocks appear at the final hurdle.
On Thursday we will witness the release of Chinese Manufacturing Purchase Manager Index (PMI) data. This data is based on data put together from replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies. This could influence the value of the Australian dollar so may be worth keeping an eye on if you have a pending trade.
I switched to Foreign Currency Direct earlier this year, and I can honestly say they have been absolutely marvellous. Registering your client could not be easier, the Portal allows you instantly access your clients giving us full transparency, and my dedicated Account Manager Amelia does a fantastic job of keeping me informed.
Rob Harold is a pleasure to work with, he has an outstanding conversion rate from leads I put forward and provides those clients with an excellent service. By always keeping me informed at every stage, this helps me keep my sales on track at the vital time when payments are due.
I use Foreign Currency Direct for my own currency transfers and I recommend their services to our clients for currency exchange on Spanish property for purchases and sales through Costa Blanca Casas.
Always the best rate for me and my clients. As we have many clients at Girasol Homes we get 5 star service for them, and we expect it as well, always a personal and bright service. Highly recommended.