Staying on top of the latest currency news can help you time your transfers more effectively, so find out what you should be looking out for over the next couple of weeks…

Latest currency news

The pound’s recent bullish run came to an abrupt end last week amid concerns aggressive interest rate hikes from the Bank of England (BoE) could result in a self-inflicted recession.

During this time GBP/EUR dipped from 1.17 to 1.16, while EUR/GBP traded between 0.85 and 0.86.

At the same time, GBP/USD climbed from 1.25 to 1.27, while EUR/USD traded between 1.07 and 1.08.

What’s been happening?

The pound struck new multi-month highs against the euro and US dollar in mid-June. Sterling subsequently nosedived as stubbornly high domestic inflation may lead the BoE to hike the UK into a recession.

In contrast, the euro firmed as the European Central Bank (ECB) raised rates and hinted at more hikes to come.

Meanwhile, the US dollar traded in a wide range over the past couple of weeks. USD exchange rates initially stumbled as weak US data weakened Federal Reserve rate hike bets, before a souring mood helped the safe-haven currency recoup some of its losses.

What do you need to look out for?

ECB President Christine Lagarde, Fed Chair Jerome Powell and BoE Governor Andrew Bailey are all due to speak on a panel at the ECB’s Annual Sintra Forum on 28 June. Their comments are likely to be closely watched for any hints as to future monetary policy and could therefore infuse some volatility into EUR, USD and GBP.

Elsewhere, Ukraine may be back in focus after an aborted mutiny by mercenaries in Russia. Signs of Russian instability could boost the euro on hopes it may aid Ukraine’s counteroffensive.

Our friends at Currencies Direct

At Currencies Direct we’re here to talk currency whenever you need us, so get in touch if you want to know more about the latest news or how it could impact your currency transfers.

Since 1996 we’ve helped more than 325,000 customers with their currency transfers, just pop into your local Currencies Direct branch or give us a call to find out more.

Exclusive Offer for Collins Sarri Statham Clients & Newsletter Subscribers. CSS Investments has a commercial arrangement with Currencies Direct and will receive a fee if you conduct business with them.

Find out more

Get Started with CSS

Open an Account

Subscribe to our award winning daily newsletter

Voted "Best Market Newsletter" in 2012, 2014, 2015 and 2017 by the City of London Wealth Management Awards

Subscribe to our newsletter (Popup)

By signing up to our free email, you are consenting to receive these promotions. The newsletter is sent up to three times per day during the week and up to once per day over the weekend and is directed at UK residents. The newsletter contains company news, market movements, CSS research and promotions and breaking economic news. Occasionally our newsletter will contain advertisements from trusted partners. However, we will never give, sell or rent your email address to any other companies. If you want to stop receiving our free emails you can unsubscribe at any time by clicking on the link at the bottom of each email. You can read our privacy policy here.

No, thank you I am already subscribed