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06/01/2020 – This Morning’s Exchange Rates

Please find the exchange rates listed at the bottom of the article, the rates are for indication purposes only, for a live quote please contact us.

With geopolitical tensions rising between the US and Iran it has been an interesting start to the new year. Last week we saw the price of commodities such as gold increase as investors were looking for a safe haven to hold their money in. What this means is if more investors are moving their funds into commodities we will see currencies such as USD weaken due to the fact there will be more people selling off their dollars to buy gold.

This week the market’s main focus will be on the increasing tensions between the US and Iran as we wait to see what their next move will be, the US have already selected 52 locations within Iran ready to attack in case the Iranian forces do retaliate. What we do know is that if tensions don’t de-escalate it will add to the global uncertainty having a negative impact on the foreign exchange markets.

Parliament are back from their Christmas recess today. Labour are expected to attempt to put forward an amendment that would prevent a no-trade-deal Brexit, however this is not expected to be pushed through.

In conclusion the main mover for currencies in the upcoming week will come from developments with the US and Iran.

GBP/EUR 1.1735 GBP/USD 1.3134 GBP/AED 4.8170

GBP/AUD 1.8885 GBP/CHF 1.2728 GBP/CAD 1.7031

GBP/NZD 1.9694 EUR/USD 1.1178 GBP/ZAR 18.679

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