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

8:31am, October 20th 2020

US Dollar Weaker As Fresh Week Begins

The greenback sold off on Monday as investors express concern over a lack of progress regarding the next round of US stimulus. The pound rose above $1.30 while the EURUSD pair jumped towards $1.18. The gains were trimmed late in the day as a sharp equity market sell-off drove participants into the safety of the buck.

Over the weekend, the Democrat lead negotiator and Speaker of the House, Nancy Pelosi gave a 48-hour deadline to the Republicans in which to strike a stimulus deal. This has created a new wave of nervousness across markets with the chance of a package being passed before the election becoming thinner and thinner. Stock markets took a beating yesterday afternoon/evening as the harsh reality kicked in. It looks like both sides are playing politics ahead of next month’s election. The US dollar may well see further inflows if the 2 parties cannot come to some form of agreement.

Domestically, between new restrictions and the Brexit stalemate, sterling may begin to come under pressure. It’s been incredibly resilient of late, but that cannot last forever give the nature of the current phase of negotiations (i.e. both sides pushing each other for concessions). If no positive developments are seen this week then the pressure will likely start to take its toll.

Today’s economic calendar is sparse. We’ll observe speeches from both Bank of England and Federal Reserve members. Additionally, there’ll be building and housing data released from the US in the afternoon.

8:31am, October 20th 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

8:14am, November 18th 2020

Sterling Rises

View Report
8:25am, November 17th 2020

Vaccine Headlines Spur Volatility

View Report
8:26am, November 24th 2020

Sterling Jumps Higher

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