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The pound is stronger against the euro this morning after struggling last week. Against the dollar, sterling continues to weaken following last week’s inflation data and lowered consumer confidence.
Meanwhile, Tory leadership candidate Liz truss pledges to help homes and businesses with soaring energy prices “across the board”.
In eurozone news, the euro struggles to regain strength after last week’s decline against sterling and the dollar.
Market watchers will be keeping a close eye on eurozone manufacturing data this week as Germany’s S&P Global Manufacturing PMI Flash figures will be released. Figures are expected to shrink to 47.8, from 49.3 tomorrow.
In the US, the dollar continues to strengthen while markets predict economic growth will slow down.
In the US, former CFO of the Trump Organization, Allen Weisselberg pleaded guilty to all 15 counts in the ongoing criminal tax fraud case against Donald Trump’s family business. Weisselberg could face up to15 years in prison.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Business Trader on 020 7898 0500 to get started.
GBP: Sterling regains some momentum against euro
The pound is stronger against the euro this morning after struggling last week. Against the dollar, sterling continues to weaken following last week’s inflation data and lowered consumer confidence.
Today is a quiet day for data, however Tomorrow the S&P Global/CIPS Manufacturing PMI Flash AUG data will be released. Previous figures came in at 52.1 but markets are expecting those numbers to gently decline to 51.3 this month. Although Britain’s manufacturing sector shows expansion overall with readings still above 50, the latest predictions suggest growth is slowing down.
In politics, Tory leadership candidate Liz truss pledges to help homes and businesses with soaring energy prices “across the board”.
GBP/USD over the past year
EUR: euro struggles to regain strength
After a week of recovery against the pound, the euro has dropped slightly this morning against sterling.
Against the dollar, the euro is weaker than it was this time last week, and has fallen by 0.02%.
No significant eurozone data today however lots of interesting manufacturing data will be released tomorrow. Both Germany and France will be releasing the S&P Global Manufacturing PMI Flash data. Markets are predicting eurozone manufacturing sectors will shrink. Germany is expected to shrink to 47.8, from 49.3 and France is also expected to contract to 48.3 from 49.5.
USD: Dollar continues to strengthen despite markets predicting slower growth
Last week was a triumphant week for the dollar. Against both sterling and the euro, the dollar gained continuous strength.
This morning, the dollar is choppy against sterling but holds a stronger position that it did this time last week.
Against the euro, the dollar continues to rise.
Data on America’s economic activity will be released today. Markets predict economic growth will slow down as the Chicago fed national activity forecast at -0.02.
Tomorrow US New home sales data will be released.
In political news, former CFO of the Trump Organization, Allen Weisselberg pleaded guilty to all 15 counts in the ongoing criminal tax fraud case against Donald Trump’s family business. Weisselberg could face up to 15 years in prison.
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