Excerpt from today’s Daily commentary: The pound continued its recent run of good form on Wednesday, despite the day’s event being centred around the horrific terrorist attacks that took place in Westminster on the day. A suspect, who was shot at the scene, mowed down pedestrians on Westminster bridge before crashing his car near the gates of Parliament, managing to fatally stab a police officer on duty, and tragically claiming the lives of three other innocent bystanders… A televised speech followed at dusk by the Prime Minister, siting that “the location of the attack was no accident” and that the U.K. would “never give in to terror.” In the currency markets, GBPEUR hit highs of the 1.1560 levels as the market sees a more attractive currency since the inflation report earlier in the week. Same could be said with GBPUSD which pushed passed 1.25 mark which is the second day it has done so this week.
“Calls for comprehensive restructuring of the budget to match the dramatic changes faced by Britain in the coming months were ignored by Philip Hammond in his first budget statement, but … measured sterling gains confirmed market approval for what was a positive and modern set of budgetary changes”
Richard de Meo quoted in MarketWatch
Research by corporate forex broker Foenix Partners found that imports of roses will, in sterling terms, be around 11 per cent more expensive than they were last year.
“It is no coincidence at all that we’ve seen such a sharp drop off in the number of players being bought from Europe. “Premier League clubs that we deal with have been looking at players but there hasn’t been any follow through and they haven’t sealed any deals.”
Richard de Meo quoted in City A.M.