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

8:17am, February 15th 2019

US data disappoints, May defeated in Parliament (again)…

The highlight of Thursday’s trading session was a shockingly bad piece of US economic data. December retail sales being the culprit. The figures were delayed due to the government shutdown which began at the end of December. They displayed the biggest miss versus consensus since March 2009. Forecasts were for a small gain of 0.1%, however, the actual print posted a -1.2% number. The government shutdown began in the last few days of December so cannot be solely blamed. Many are trying to come up with reasons for this surprise reading but the reality is, the US economy may not be as strong as claimed. The reading immediately sent the dollar lower with the pound pushing back towards $1.28 while the euro battled with the $1.13 level. This data release has definitely caught the attention of the market and all its commentators. No doubt, US data will now be scrutinised even more from here on as people speculate as to whether a recession is just around the corner.

Theresa May suffered another bloody nose yesterday as the House of Commons once again defeated a government motion which backed her current Brexit strategy. 66 Conservative MPs abstained while 5 voted against the government. The prominent Conservative European Research Group decided to abstain as they felt they could not vote for something which takes away the prospect of no-deal. Once again PM May’s authority has been put into question, something which will not help her cause when she returns to Brussels. Sterling took this development in its stride. It’s already lost significant ground from reaching the €1.16 and $1.32 against the euro and US dollar, respectively. Today it’s the UK’s turn to release its latest retail sales report – brace yourselves!

Enjoy the weekend.

Written by Viv Savani. 8:17am, February 15th 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

9:04am, December 14th 2018

ECB confirm end of QE…

View Report
8:32am, February 1st 2019

Markets steady heading into final trading day of the week…

View Report
10:14am, April 11th 2019

Brex-tension agreed until 31st October 2019…

View Report

Testimonials

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