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

8:40am, March 1st 2019

Gravity sets in for sterling…

The pound fell against its counterparts on Thursday as Brexit optimism fades. The premise for this week’s rally in GBP is based upon the idea that a no-deal scenario is virtually out of the question. However, is this really the case?

This week’s revelation that Jeremy Corbyn will now potentially back a 2nd referendum mixed with prime minister May’s almighty U-turn on extending Article 50 has allowed the recently wilting currency to flourish. The Great British Pound reached some of its best levels on a multi-month basis against a basket of currencies, with the GBPEUR pair standing out after hitting the €1.1720 level on Wednesday. However, the back end of this week has seen some of this optimism fade. Yes, Article 50 can be extended and, yes, Corbyn can back a 2nd referendum, but what does this actually change?!

Firstly, will allowing a few extra months mean the European Union will finally reopen the withdrawal agreement and suddenly offer PM May the exact legal text she requires to secure enough votes in Parliament? Almost 99.9% no! Secondly, even though Jeremy has finally had his hands tied behind his back and forced into backing a 2nd referendum, how likely is there to be one? Very unlikely. There’s a good case that we’re only delaying the inevitable. Sterling lost around 0.60% against the greenback and single currency. What will Friday’s trade have to offer?

On the data front we have a number of European PMI releases this morning, including manufacturing numbers from the UK. Eurozone inflation will be closely watched as well as Canadian GDP figures. We’ll also have a set of US data to keep things interesting in the afternoon session.

Have a great weekend.

Written by Viv Savani. 8:40am, March 1st 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

10:04am, December 11th 2018

Sterling dumped as more uncertainty appears…

View Report
9:07am, December 10th 2018

A huge week ahead for the pound and markets in general

View Report
8:36am, January 28th 2019

A big week ahead for markets…

View Report


Our Clients Say

"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