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Sterling initially happy with budget, Turkish Lira at record lows

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Hi, Sterling was initially happy but has fallen against the Euro and US Dollar today following yesterday’s Autumn budget announcement, which has given UK economists plenty to talk about. UBS predicted the British Pound to fall closer to parity vs the Euro.

The Euro has advanced against most of its peers in the last few days despite the political situation in Germany remaining uncertain.
 
US Dollar, recent comments from Fed Chair Janet Yellen haven’t done much for the US Dollar, with the currency declining against both the Euro and Pound.
 
The Aussie has continued it’s 3 month slump triggered by a negative responses to recent remarks from Reserve Bank of Australia (RBA) Governor Philip Lowe on national wage growth. Some investment banks predicted the Aussie could drop to US65c next year.
 
The Kiwi has maybe started to climb back since steap declines on the announcement of a new government whose policies include a shake-up of the Reserve Bank Act which would give the central bank a more prominent in controlling the foreign exchange rate.
 
The Turkish Lira is at record lows after been constantly hit by persistent political interference and deteriorating US relations. Perhaps time to stock up on Lira for next summers trip to Bodrum!
 
The Swedish Krona hovers near SKr10 per euro amid housing jitters and central bank dovishness.

Currency

 

David Brown Author: David Brown

David has extensive experience in foreign exchange markets after multiple roles at investment banks and fintech startups in London and Sydney. He founded the BER platform with the goal of providing Retail and SME customers access to the same exchange rate transparency and competition previously only available to larger institutions. You can get in touch with David via email at or via the contact page.

Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

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