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

8:39am, April 30th 2020

The Greenback Drops as Stocks Rise

The mighty US dollar surrendered ground against its major peers yesterday as higher beta currencies were sought in a broadly risk-on market. The commodity currencies fared the best with the Australian dollar the stand out performer. Stock markets jumped as the Federal Reserve provided a soothing tone to reassure investors.

Wall Street cheered yesterday as Fed chair Powell offered a confident message that the central bank would continue to act aggressively and appropriately to address the current crisis. He expressed the bank’s desire to ensure they used all tools necessary and would utilise them to the full extent of their limits. The US dollar edged lower as Powell answered the media’s questions and stock markets continued to plough higher. It appears the Federal Reserve has almost cured the anxieties of Wall Street; let’s hope the US government can provide just as much help to Main Street – the general population who will undoubtedly bear the largest share of pain from this cruel pandemic! Sadly, as always, Wall Street will likely come out on top.

Today focus shifts back to Europe. The ECB will be announcing its latest monetary policy insights. No major changes are expected from Madame Lagarde, however, many will be looking for clues on what tools are available to the central bank should the eurozone continue to suffer economically for an extended period of time.

Before the European Central Bank’s announcement, eurozone Q1 2020 GDP will be released. This follows on from yesterday’s US number which printed at -4.8% vs. 4% expected. The eurozone’s reading is expected at -3.7% but could be a lot worse given that the region went into lockdown a lot earlier than the US. Buckle up – Thursday should be another volatile but interesting trading day.

Written by Viv Savani. 8:39am, April 30th 2020

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

8:51am, May 22nd 2020

Buck Fights Back

View Report
9:12am, May 14th 2020

Dollar Rises, Stocks Fall as Powell Paints Gloomy Outlook

View Report
8:35am, May 12th 2020

US Dollar Fights Back

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