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26/10/2018 – This Morning’s Exchange Rates

The exchange rates are listed at the bottom of this article. Please note they are for indication only. For a live quote please contact us.

The British pound sits near a seven-week lows against the dollar this morning and three-week lows versus the euro, as doubt grows about whether the UK and the European Union can clinch a Brexit deal.

Bloomberg reported this morning that Brexit talks were on hold because Prime Minister Theresa May’s cabinet was not close enough to agreement on how to proceed for the negotiations to restart.

Next week, the Bank of England is expected to leave interest rates unchanged and stress that while there are some signs of rising wage and price pressures, it will not be ready to tighten policy until there is clarity on Brexit.

Fears of a no-deal Brexit and the wider risk-off market move have seen the (UK interest rate) curve flatten. Next week’s BoE policy statement is likely to restate the need for higher rates and we see scope for a steeper front end to money markets

With Brexit dominating the news agenda, Britain’s economic fortunes have taken a backseat.

GBP/EUR 1.1255

GBP/USD 1.2798

GBP/AED 4.7033

GBP/AUD 1.8220

GBP/CHF 1.2807

GBP/CAD 1.6833

GBP/NZD 1.9786

EUR/USD 1.1354

GBP/ZAR 18.732

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