Currency Exchange News June 24

Currency Exchange news June 11th 2024

The latest curency exhange news affecting home buyers and sellers in Spain – What has changed in how might this affect you when buying or selling a home in Spain?

GBP The British Pound found itself well supported this morning, rising against all its major peers, apart from the Dollar. In fact, the Pound rallied to a 34-months high against the Euro following this weekend’s European Parliamentary election. Looking forward, the major event the British Pound this week is the UK wage print due Wednesday. Moreover, market participants will keep an eye on UK GDP due on Thursday.

The Euro came under broad pressure this morning, with analysts blaming the calling of a snap election in France and the apparent success of EU-sceptic parties in the European Parliamentary election. In fact, Far right-wing parties performed strongly in this weekend’s elections, particularly in France and Italy, where National Rally and Brothers of Italy came in first. Moreover, French President Emmanuel Macron responded by dissolving parliament and calling a snap legislative election, raising political uncertainty.

The U.S. Dollar extended strong gains from Friday after a strong nonfarm payrolls report. In fact, the reading saw investors sharply scale back expectations for a rate cut in September. Moreover, Friday’s payrolls data came days before a Federal Reserve meeting this week, where the central bank is widely expected to keep rates on hold. However, any signals on future rate decisions will be closely watched.

All of this combined is having some unpredictable effects in the exchange markets, to avoid getting caught out with sudden currency fluctuations, just get in touch now and find out how we can help you avoid this and move money safely

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