Your browser is out of date

This website has been built for modern browsers, yours is many years out of date and as a result, your experience of this website will be poor.

Please upgrade your browser and pop back.


Market Reports

9:31am, July 25th 2019

Boris enters No.10, all eyes on the ECB…

Yesterday proved to be an action-packed day, from poor European PMI data to Theresa May’s last PMQs and finally on to Boris’ first speech as PM outside No.10.

The morning session began with a fresh round of poor Eurozone economic numbers. The data-points reflected July purchasing manager index readings. Both France and Germany saw prints slip even lower, with German manufacturing falling further from the 50 expansion/contraction mark (43.1 vs. 45.1 expected). It’s become clear European manufacturing is entering a period of decline, something which will no doubt concern the ECB and Bank of England. The euro immediately lost ground following these releases, GBPEUR managed to surpass the €1.12 level and currently trades around this price heading into the European open.

Lunchtime saw Theresa May’s last prime minister’s questions. She was offered a very respectful and honourable departure with some of her outspoken critics praising her overwhelming sense of duty. This led on to Boris’ first speech as PM after his visit to Buckingham Palace to be confirmed by the Queen. His speech struck a positive tone, ramping up a feeling of national self-belief. The feeling did not filter into the currency markets with sterling unphased by any of Johnson’s upbeat rhetoric. More news flow should follow from the Johnson camp over the coming days as he completes the appointment of his team. GBP exposed clients be aware.

Today’s economic calendar is another interesting one – all eyes will be on Super Mario Draghi as he’s tasked with presiding over one last bout of economic uncertainty before he ends his tenure later this year. Many participants will be looking for clues on the European Central Bank’s next policy move, and if that move potentially arrives as early as today (small chance). The central bank will be lowering interest rates at some stage to fight-off the threat of a sharper slowdown. With Eurozone rates already at 0% the bank will be entering negative territory joining the likes of Japan and Switzerland. As usual, the policy announcement is at 1245 with the press conference commencing at 1330.

Written by Viv Savani. 9:31am, July 25th 2019

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:28am, July 3rd 2020

Quiet Day of Trade Expected

View Report
9:11am, July 15th 2020

Sterling Remains Pressured

View Report
8:41am, June 23rd 2020

US Dollar Declines

View Report


Our Clients Say

"I have had an association with Cornhill for over a decade and have had the pleasure of working with the same broker for the entire period of time, which is currently just over 15 years. This shows not only my dedication and customer loyalty to the company, but also their commitment and successful staff retention. The level of service I have received has never waned or altered and has been consistent over the term. Keep up the good work Cornhill. Dominic you are a legend."

Helen - FD, Essex Boatyard

"When deciding to buy a property in France, my husband and I failed to consider the implications of the currency exchange and to be honest, it was extremely daunting to know that the cost of the property could have increased significantly potentially wiping out any renovations we had planned had we sat on our hands and left it to chance. Thankfully, Dominic (our account manager) and the rest of the Cornhill team couldn’t have been more helpful, and as such helped us to understand our options and secure a price that puts our bank to shame. Always courteous and friendly, we don’t know what we would have done without them now!"

Samantha Johnson - Private Client

"I work to very tight margins in my business and as such currency volatility has a major impact on how well my business performs. After dealing with my bank for many years, I took the step of opening an account with Cornhill after meeting one of their team at an industry event. James took the time to explain the services and quickly highlighted what I was missing from my bank – proactivity and competitive pricing. It’s almost impossible to get through to someone at my bank without jumping through many hoops. Cornhill are always in touch at the right time, which helps me to time my currency purchases and make the most of moves in my favour. I now rest easy knowing I have a team of people working FOR my business and adding true value to it both in pricing terms and proactivity terms. My profits have increased and I know I am in good hands!"

Martin Fisher – FD of a Packaging Business

"My products are made abroad by trusted suppliers who I have worked with for many years. After a number of issues with my previous currency provider (payments being delayed), I decided to look at who else could help with my payments. Fortunately, I was introduced to Cornhill by a former colleague who uses their services. Since then, I haven’t looked back. Customer service is often overlooked in this ever-increasing digital age, but to know I have someone to call at the end of the phone who will listen to my query and take ownership of it for me is a breath of fresh air. Vivek and Greg have been reassuring and whenever I have a question for them, they are quick to respond and resolve."

Alexandra Houghton – Founder of a clothing business