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As Brexit dominates the Pound, economics and monetary policy dominates the Dollar, and political scandal dominates the Rand, FX markets may start sounding like a broken record. However, one should remain very much aware that this repetition and almost paradigmatic taxonomy of certain currencies is more fragile than it may seem. Even the slightest amelioration or deterioration of the current situation could have phenomenal or catastrophic consequences for the respective currency. The Dollar has been the unquestionable winner so far this week as markets reprice their approach to the Chairmanship of Jay Powell. Sterling meanwhile has been caught in the doldrums, threatened by a Dollar that currently trades at 1.3750 against the Pound and 1.1280 against the Euro. The Rand has weakened off mildly following a disappointing and somewhat frustrating cabinet reshuffle. The Rand now trades close to 16.40 against the Pound, 11.92 against the Dollar, whilst clinging on just above 14.50 against the Euro.
UK Interest Rates Instructive that rate cuts of 100bps in short term UK interest rates in 2024 resulted in 10 Year Government Bond yields rising by exactly 100bps from 3.6% to 4.6% to the levels last seen after short lived PM Liz Truss’ ill-fated foray into the world of market economics with her September 2022 […]
2+1 ‘winners’ Happy New Year. As weather warnings fade in favour of New Year’s resolutions, the UK embarks upon its first trading day of 2025. Some markets remain closed today with notable value date exceptions from Switzerland, Japan and New Zealand. As we highlighted earlier in the week, 2024 was characterised by the typically asynchronous […]
Inter-Americas divide With Christmas Eve now upon us, markets will be expecting a quieter day than they received four years ago. On this day in 2020, having locked down the UK and ‘cancelled Christmas’, Boris Johnson announced the completion of a post-Brexit trade deal with just a handful of days until the end of the […]