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Hopes of Soft Brexit Fade before PM?s Speech, Pound Swiss Franc Exchange Rate Crashes
Published: 16 Jan at 5 PM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, Forex, Swiss Franc Exchange Rate, Euro Crisis, UK, Exchange Rates, Inflation,
Day of Defeat for Pound Franc Exchange Rate as Investors Pre-Empt Hard Brexit
In an unwanted repeat performance from last week’s starting weakness for the Pound, Sterling has once again traded extremely poorly on the first day of the week.
This time around, the major loss in GBP demand has come from investors and economists collectively presuming that a ‘Hard Brexit’, where the UK loses access to the EU single market but gains stronger immigration controls, is a near-certainty.
While Theresa May has not explicitly stated that this will be the Government’s plan of action, hopes are nonetheless fading fast that the UK will be able to benefit from a stable continuation of trading in the EU single market after leaving the multinational union.
May is set to end the suspense about just what her Government wants out of Brexit negotiations on Tuesday with a speech specifically covering Brexit, while UK inflation figures for December are also due in the morning.
At the time of writing, inflation was forecast to rise on both the month and the year, but any positivity may be wiped out if May insists that she wants a ‘Hard Brexit’, rather than any alternative.
Swiss Franc Traders Remain on Edge about Future Gold Prices under President Trump
The Swiss Franc has risen significantly against the Pound today, jumping by around 0.8% at the height of Sterling’s weakness on Brexit concerns.
Actual direct Swiss news has been fairly limited, with the relevant cost of gold seeing a downturn due to increased US Dollar demand.
Switzerland is hosting the annual World Economic Forum in Davos this week, though this is not expected to have a direct impact on Swiss Franc demand.
Attendees as Davos may well discuss a strong influencer of the CHF, however, which is President-Elect Donald Trump.
Investors are currently piling into the US Dollar, which lowers demand for the Swiss Franc as well as gold prices; if Davos attendees forecast future bullishness from the US Dollar, the Franc may be further weakened as a result.
The next direct Swiss data out will be Wednesday morning’s ZEW economic sentiment score for January, which previously hit 12.9 points.
In an unwanted repeat performance from last week’s starting weakness for the Pound, Sterling has once again traded extremely poorly on the first day of the week.
This time around, the major loss in GBP demand has come from investors and economists collectively presuming that a ‘Hard Brexit’, where the UK loses access to the EU single market but gains stronger immigration controls, is a near-certainty.
While Theresa May has not explicitly stated that this will be the Government’s plan of action, hopes are nonetheless fading fast that the UK will be able to benefit from a stable continuation of trading in the EU single market after leaving the multinational union.
May is set to end the suspense about just what her Government wants out of Brexit negotiations on Tuesday with a speech specifically covering Brexit, while UK inflation figures for December are also due in the morning.
At the time of writing, inflation was forecast to rise on both the month and the year, but any positivity may be wiped out if May insists that she wants a ‘Hard Brexit’, rather than any alternative.
Swiss Franc Traders Remain on Edge about Future Gold Prices under President Trump
The Swiss Franc has risen significantly against the Pound today, jumping by around 0.8% at the height of Sterling’s weakness on Brexit concerns.
Actual direct Swiss news has been fairly limited, with the relevant cost of gold seeing a downturn due to increased US Dollar demand.
Switzerland is hosting the annual World Economic Forum in Davos this week, though this is not expected to have a direct impact on Swiss Franc demand.
Attendees as Davos may well discuss a strong influencer of the CHF, however, which is President-Elect Donald Trump.
Investors are currently piling into the US Dollar, which lowers demand for the Swiss Franc as well as gold prices; if Davos attendees forecast future bullishness from the US Dollar, the Franc may be further weakened as a result.
The next direct Swiss data out will be Wednesday morning’s ZEW economic sentiment score for January, which previously hit 12.9 points.
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Source: moneytransfer.co.uk