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Oil Price Surge Sparks Volatility Across Currency Markets

Yesterday and over the night we have seen attacks on oil and gas infrastructure across the Middle East. Brent crude oil spiked to $105 on Tuesday morning following the attacks. This geopolitical situation will be a driving factor of currency performances and leave markets vulnerable with uncertainty of what to expect next. We continue to see daily shifts on USD-pairs, yesterday’s high to low showed fluctuations of roughly 1% for both GBP and EUR against the dollar.

This morning RBA (Reserve Bank of Australia) raised interest rates by 25 basis points as concerns for growing inflation in the country, to dampen the situation borrowing costs were lifted. We have plenty of more central banks holding their decision this week, even if most are expected to hold rates at bay.

Today the FOMC minutes meeting begin it’s two-day session. While a hold from the Federal Reserve tomorrow is expected, markets will keep a close eye on any comments regarding recent price shift for oil and energy and if any member will give indications of how this can shape the Federal Reserve’s forward guidance. A different tone or view could lead to market speculation and additional volatility for USD-pairs already carrying unpredictability from day to day operations.

GBP/EUR 1.1569 GBP/USD 1.3316 GBP/AED 4.8949
GBP/AUD 1.8798 GBP/CHF 1.0474 GBP/CAD 1.8242
GBP/NZD 2.2817 EUR/USD 1.1500 GBP/ZAR 22.3173

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