Currency Bid Ask % High Low Open UK Time
GBPEUR 1.1050 1.1054 -0.00 1.1092 1.1014 1.1060 21:02:46
GBPUSD 1.2979 1.2984 -0.30 1.3064 1.2915 1.3031 21:02:46
EURUSD 1.1746 1.1750 -0.20 1.1788 1.1716 1.1782 21:02:46
EURGBP 0.9049 0.9050 0.10 0.9076 0.9013 0.9041 21:02:46
GBPAED 4.7681 4.7706 -0.30 4.7963 4.7446 4.7855 21:02:46
GBPAUD 1.8427 1.8428 0.71 1.8441 1.8214 1.8297 21:02:46
GBPNZD 1.9549 1.9551 0.52 1.9581 1.9396 1.9448 21:02:46
GBPCAD 1.7292 1.7294 0.60 1.7323 1.7152 1.7190 21:02:46
GBPNOK 12.160 12.162 1.47 12.177 11.963 11.985 21:02:46
GBPCHF 1.1818 1.1819 -0.20 1.1884 1.1779 1.1844 21:02:46
GBPDKK 8.2256 8.2272 -0.00 8.2552 8.1978 8.2286 21:02:46
GBPJPY 135.41 135.46 -0.50 136.23 134.86 136.22 21:02:46
GBPHKD 10.061 10.066 -0.30 10.121 10.009 10.095 21:02:46
EURAED 4.3143 4.3168 -0.20 4.3281 4.3030 4.3266 21:02:46
EURAUD 1.6676 1.6677 0.81 1.6686 1.6454 1.6543 21:02:46
EURJPY 122.54 122.55 -0.50 123.17 122.15 123.17 21:02:46
EURDKK 7.4449 7.4452 0.06 7.4454 7.4393 7.4405 21:02:46
EURHKD 9.1037 9.1049 -0.20 9.1352 9.0798 9.1304 21:02:46
EURNOK 11.002 11.008 1.55 11.020 10.795 10.837 21:02:46
USDGBP 0.7701 0.7701 0.36 0.7741 0.7655 0.7673 21:02:46
USDAED 3.6728 3.6736 0.01 3.6729 3.6721 3.6728 21:02:46
USDEUR 0.8509 0.8514 0.32 0.8531 0.8480 0.8485 21:02:46

Wednesday 28th October 2020

IFX market report

On Tuesday we saw the Pound gain ground on both the EUR and U.S. Dollar. Tuesday marked a week until the highly anticipated U.S. election between former Vice-President Joe Biden and current President Donald Trump on November 3rd. Uncertainty surrounding the outcome, coupled with persisting worries about a second U.S. COVID-19 wave is causing the greenback to weaken.

Another positive session of the Cable on Tuesday as markets saw the pair rocket into the high 1.30’s. The pair opened modestly at 1.3006 and with considerable upside moves throughout the day, finally closed at 1.3074.

On the Brexit front, latest reports have indicated that there will be delays with the new essential post-Brexit freight software, due to launch 1st January. The delay would surely cause serious disruption to the UKs biggest trade routes. The Association of Freight Software Suppliers (AFSS) said its members could not guarantee delivery because officials had failed to give it details and direction for the project. In response HMRC said it was "continuing to engage extensively with the software developer community and community system providers to ensure that they have everything they need to develop their products".

GBPEUR also managed to make some gains on Tuesday. The pair opened the day at 1.1020, and with rising COVID-19 on mainland Europe weighing heavy on the EUR, a stronger Pound capitalized and the pair closed the session off at 1.1051.

Across the pond, the recent polls give Democrat candidate Joe Biden a considerable lead over Donald Trump in the upcoming election – reports show him gaining momentum against the President in the usually much disputed ‘battleground states’. Also referred to as the swing states (meaning that reasonably either Democrat or Republican can win), all but one are in Bidens favour. Florida, Pennsylvania, and Ohio are the three states with the highest number of electoral votes for the swing states – Biden leads Florida and Pennsylvania, while Trump claims Ohio.

With COVID-19 cases on the up in both the U.S. and Europe, EURUSD started Tuesday clinging to 1.18, opening at 1.1803. As the day progressed the pair managed to gain some upside and closed the day at 1.1829.