Forex

GBP recovers, oil prices & European stocks fall

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As we enter a new week, here’s a summary of today’s major financial events.

The pound has managed to recover today after it plunged to a 10-year low against the euro, reaching €1.0724. 

As it stands, it is currently 0.5% higher against the euro at €1.08, and 0.37% higher against the dollar at $1.2084.

After a dire report from the Institute for Government, Brexit jitters and weak British economic data help explain why the pound hit its 10-year low. The UK think tank released a report indicating that a ‘no-deal Brexit’ is starting to look like a stark reality, due to the exit date being 12 weeks away and only a slim window for a new agreement to be put in place.

Meanwhile, oil prices have dropped as a result of global economic decline, with investors and analysts assuming a slowdown in demand as a consequence.

Brent crude is down 1.04% at $57.92 a barrel. Last Friday, The International Energy Agency adjusted its demand forecast lower, after taking stock of lower-than-expected demand for 2019 so far. 

The lowest demand increase since 2008, in addition to the escalation of the US-China trade dispute, led to the agency’s bearish outlook on oil prices.

As uncertainty reigns in many markets, safe-havens are experiencing their usual ascent in testing times, with gold holding above $1,500 per ounce and the yen surging to its highest level in over 18 months against the USD, up to 105.08.

In contrast, European stocks are back in the red, erasing many of the gains made last week, as traders take a play-it-safe approach and move to more traditionally certain investments.

Today’s 4 key take aways are:

  • FTSE 100 down 36 points / 0.5%.
  • Spain’s Ibex index down 0.5%
  • Germany Dax up 0.01%
  • Yen and gold rising as safe-havens

Register here to trade safe havens like oil, gold, and yen with a regulated, low-cost & reliable broker, today. 

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