Newsletter – 8th August 2019

Morning Bulletin

Yesterday

  • GBP/EUR opened the day at 1.0863, traded a high of 1.0881, a low of 1.0837 and closed at 1.0837 representing a fall of 0.21%.
  • GBP/USD opened at 1.2160, traded a high of 1.2191, a low of 1.2121 and closed at 1.2139 representing a fall on the day of 0.17%.
  • The government is assuming that preparations for customs and regulatory checks from French authorities have decreased the predicted trade disruption from a no-deal Brexit.
  • The Scottish Labour leader Richard Leonard said that there is ‘no case’ for a second Scotland referendum after suggestions from shadow chancellor John McDonnell that the party would not oppose a so-called indyref2.
  • The UK food industry has asked the government to waive aspects of competition law to allow firms to co-ordinate and direct supplies with each other after a no-deal Brexit. (BBC News)
Overnight
  • Chinese trade balance data came in as expected at 310B overnight.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.7942, 1.8828 and 129.10, respectively.
Today
  • GBP/USD is up by a fifth of a percent this morning but continued to trade near 2 year lows.
  • If new higher tariffs are applied to British milk in the case of a no-deal Brexit, approximately 45,000 dairy cows could be culled in Northern Ireland  according to senior industry figures.
  • There is no major economic data due to be released today.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.0840 +0.03
GBP/USD 1.2163 +0.20
EUR/USD 1.1220 +0.20
AUD/USD 0.6780 +0.36

No economic data due today.