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

8:31am, January 7th 2019

Dollar weakens as Powell pushes patience message, fresh week of data commences…

Last Friday saw a weaker US dollar despite an exceptionally strong jobs report. 300K+ jobs were added in the month of December according to the latest non-farm payrolls report. Further to this, average hourly earnings increased too, another sign of a healthy economy. The only downside was an increase in the unemployment level from 3.7% to 3.9%. However, this was matched off by an increase in the participation rate. All of this should have given the buck a reason to rally against its peers. This was prevented by Fed chair, Powell, who appeared on a panel, being interviewed alongside his predecessors Janet Yellen and Ben Bernanke. Comments which reversed course for the greenback and actually caused it to lose value on the day included: if needed the Fed would change its balance sheet reduction, crisis-era tools worked and he’s prepared to use them if needed and that the Fed is trying to engage the public to explain itself. These comments reassured markets and put them into risk-on mode which, by nature, pushes flows outside of the USD. Further to this, Powell pushed a message of patience across 2019, something markets clearly appreciated.

This week sees a focus back on Brexit as Parliament returns from recess. The meaningful vote on May’s deal is scheduled for the week commencing January 14th. However, rumours are floating around that this will once again be delayed even further as May attempts another last minute manoeuvre. Additional focus will be on the latest round of Federal Reserve meeting minutes scheduled for Wednesday evening. Chair Powell will also speak at the Economic Club of Washington on Thursday. US inflation numbers will also be watched out for – these are released Friday at lunchtime. From across the border, a Canadian interest rate decision will be monitored closely. Last but not least, close attention will be paid on ongoing trade talks between the US and China.

Written by Viv Savani. 8:31am, January 7th 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

8:54am, January 25th 2023

Last Hike From the BoC?!

View Report
8:51am, January 17th 2023

Quiet Start to the Week

View Report
7:22am, February 1st 2023

Fed Day Has Arrived

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