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

10:14am, April 11th 2019

Brex-tension agreed until 31st October 2019…

Last night PM May achieved her objective and was granted an Article 50 extension to the 31st October 2019. There is an element of flexibility included, if the withdrawal agreement is ratified, the UK can depart immediately after.

Last night’s events did not create any significant movement through GBP crosses. Even though a longer than requested extension was offered, it was still shorter than many had anticipated. The ball is now back in the UK’s court with more hope now pinned on a potential surprise breakthrough between May & Corbyn. Pressure is mounting on the prime minister as the latest extension, mixed with prospects for maintaining a customs union with the EU to end the impasse, aggravated Brexiteers. The pound finds itself in complete limbo as a result. Political paralysis has spread into the currency as traders and dealers avoid trading it.

Yesterday’s ECB meeting proved a non-event. President Draghi towed a dovish line, ensuring the euro sold off. Continued rhetoric about providing accommodation and a preparedness to use all tools available kept the euro bears happy, with the single currency down nearly 0.75% by the end of the press conference. Most of these losses were pared at the New York close, however.

US inflation data and the latest set of Fed meeting minutes both broadly came out as expected, creating minimal impact of the buck’s progress. The Fed reinforced their current patient message while inflation numbers remained within the Fed’s target range. The greenback is maintaining its recent bout of strength and does not look like it will be dislodged anytime soon.

Today’s session is a little quieter than yesterday’s. Focus will be on the UK prime minister and response/reaction to the Article 50 extension. Additionally, we’ll have a number of Federal Reserve member speeches mixed with some tier 2 US economic numbers.

Written by Viv Savani. 10:14am, April 11th 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

8:38am, January 31st 2019

Fed tilt dovish…

View Report
8:19am, May 9th 2019

Pound looking weak, US inflation in focus…

View Report
8:26am, February 18th 2019

A quiet start to the week expected with the US observing President’s Day…

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