As we approach the last month of the year it will be interesting to see what will happen to Sterling exchange rates over the next few weeks.
The Pound has continued to remain under a lot of pressure against both the Euro and the US Dollar although we have seen a small recovery against the commodity based currencies including the Australian Dollar, New Zealand Dollar and South African Rand.
The Pound is as much as 15% lower than pre-Brexit levels against the Euro and I think it will be a long time to come before we get anywhere close to where we were over 18 months ago for Sterling exchange rates.
The next potential cause for movement will come during mid-December which is when the next EU summit takes place with the agenda focused on the latest Brexit talks.
The main topic will be that of both the Irish border and the divorce bill and if both go well this could provide the Pound with a boost but I’m not so sure that things will progress by too much at the meeting.
The Irish border issue is a key sticking point and this could cause the talks to grind to a halt so there is a risk to what happens to Sterling should this occur.
In the short term we have a number of important key data releases for the Eurozone starting with tomorrow morning. Eurozone Consumer Confidence data is due to be published and this has recently been on the rise so we could see some Euro strength following the announcement.
Following this in the afternoon German inflation data is also due for release. As Germany is the Eurozone’s economic powerhouse this could make interesting reading for anyone with a GBPEUR requirement.
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