In early trading today, the dollar held strong against the euro, which hovered around a two-week low, as slightly higher…
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A savvy trader who recognises bearish trends may capitalise by “selling” a currency at current prices, with the intent of “buying” it back when markets drop.
Recent turmoil surrounding U.S.-China trade relations, Eurozone instability regarding Brexit and currency crises in South America have put a spotlight on foreign exchange markets and currency politics.
The pound has managed to recover today after it plunged to a 10-year low against the euro, reaching €1.0724.
As fears circling the US-China trade conflict escalated, the demand for safe-haven currencies began to surface, resulting in a slight rise for the yen today.
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The pound has come under renewed attack on the increasing fears of a ‘hard’ Brexit, which led to its fresh 28-month low. U.K Prime Minister Boris Johnson has ramped up preparations for a no-deal withdrawal from the EU, with around three months remaining.
Mounting pressure on the euro comes from recent data showing Germany’s manufacturing sector contracting at the quickest pace in seven years, while French business growth also unexpectedly slowed.
Fears of a no-deal Brexit drove GBP/CHF down to 1.224 earlier this morning; while a new prime minister is due to take office in the UK tomorrow.