Update 13 April 2023
GBP
The British pound rose against the Euro and Dollar yesterday morning after the release of the UK PMI data which showed the UK economy continued to expand in August, meanwhile, we saw similar surveys out of the Eurozone and U.S. showing contraction.
Flash PMIs for August continued to show the UK economy weathering the global crisis better than the euro area where the recession alarms are already ringing.
The UK is now one of the few major economies still posting positive numbers, but global weakness adds to recession risks here too.
USD
The Dollar slipped back against the Euro and British Pound following data yesterday that showed a slowdown in the U.S. economy might have accelerated in August.
Meanwhile, The Biden administration is expected to announce its biggest single package of military aid to Kyiv worth $3bn.
The new tranche of American funding will help Kyiv acquire more weaponry, ammunition and other supplies for its armed forces, locked in a grinding war with Russian troops in the east and south with neither side advancing significantly in weeks.
EUR
The Dollar slipped back against the Euro and British Pound following data yesterday that showed a slowdown in the U.S. economy might have accelerated in August.
Meanwhile, The Biden administration is expected to announce its biggest single package of military aid to Kyiv worth $3bn.
The new tranche of American funding will help Kyiv acquire more weaponry, ammunition and other supplies for its armed forces, locked in a grinding war with Russian troops in the east and south with neither side advancing significantly in weeks.
If you or your company are impacted by currency risk please reach out to speak to one of our experts, we can assist with decision-making during this difficult time to help you protect your profits.