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.

Thanks.

Market Reports

9:11am, May 31st 2019

GBPUSD breaks into the $1.25s…

Another concerning day for the pound as the cable rate (GBPUSD) slips into the $1.25s during late London dealing hours.

The pound can’t catch a break at the moment. The constant barrage of negative political headlines have ensured the beleaguered currency has remained under the cosh for almost 3 weeks now. The worrying part, it does not look like it will ease up anytime soon. The hurdles ahead include Theresa May’s smooth departure from office, the Tory party selecting 2 candidates for potential leadership and from here, these 2 individuals going head to head for a period of time before 1 is finally selected.

The above process will take a number of weeks to conclude. This all has to take place before we see the possibility of the withdrawal agreement being altered in any way, shape or form. In fact, communication between the UK and European Union will likely be minimal now we do not have any clear long-term leader in position. As the days turn into weeks the pound is sure to feel the pressure. The next level of support comes in at the $1.25 figure itself, from here the following area comes in at the flash crash low from earlier this year at $1.2430.

The pound/euro rate is not seeing as much downside traction. The eurozone has its own significant problems which are netting off against the pound’s woes. As a result the rate seems to have found a modicum of support around the €1.13 figure.

Overnight, Chinese manufacturing numbers have come in lighter than forecast, creating a small amount of panic across global stock markets with the FX reaction rather tame. Today sees Germany retail sales numbers as well as a measure of US inflation at lunchtime.

Have a good weekend.

Written by Viv Savani. 9:11am, May 31st 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
9:25am, April 4th 2019

Parliament legislates to block no-deal by 1 vote…

View Report
8:09am, May 29th 2019

Quiet start to the week, GBP remains pressured…

View Report

Testimonials

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