Infinity Insights

Today's exchange rate news

Sterling shows signs of life

28th August 2019
  • Corbyn tries to unite opposition parties
  • Sterling rises on Brexit optimism

Sterling rose versus both the Euro and US Dollar yesterday after opposition parties came together in a bid to prevent a ‘no deal’ Brexit by way of new legislation which would stop the UK leaving the EU without a deal come 31st October. Jeremy Corbyn hosted the talks which included discussions surrounding a vote of no-confidence in the government, although opposition parties have already shot down the idea of Mr Corbyn leading caretaker government. Traders took the opportunity to realise profits at the lows, as well as buying into the newfound optimism surrounding the avoidance of a ‘no deal’ Brexit, with Sterling up 0.4% on the day.

Across the pond, the US Dollar was extremely choppy yesterday as traders attempted to keep up with comments from both the States and China in respect to the ongoing trade war between the world’s two largest economies. Reports out of Washington suggested China had contacted US trade officials in an attempt to find a resolution following aggressive moves by China last week which saw them implement tariffs on US oil for the first time. This story has taken significant twists and turns over the past six months, and it doesn’t seem to coming to an end anytime soon…

With very little in the way of key data due today, traders will be keeping a close eye on Brexit, the Italian political saga, and any signs the China/US trade war could be coming to an end.

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