EURUSD has broken through its structural ceiling of 1.20, creating a new yearly high of 1.2087, a price that has not been seen since 30th April 2018. In doing so, the weaker dollar was felt yet again across other major currency pairs with GBPUSD rallying to 1.34416. As the euro strengthened against the dollar, GBPEUR also suffered with price now down nearly 2% to 1.1063 from 1.1276.
The Brexit deal still hangs in the balance, and Michael Barnier has already been picked up by Reuters and Bloomberg making this point very clear. This sort of sentiment will continue to weigh heavily on GBPEUR in the coming days. This time last year the markets were preparing for the UK general election with a similar air of tension around the outcome.
Volatile market conditions for international payments require careful planning and execution. WorldFirst can offer both market orders, to trade your currency at a specific price, and forward contracts to secure rates in advance. If you’re unsure what your currency strategy is for the next few months, please reach out to our account management team.
Have a great day.
Author: Alistair Hutson, Senior Relationship Manager
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.