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Daily FX Market Commentary 24/02/2016

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Good morning, please see today’s entry to our Daily FX Market Commentary.

The USD

Losses continued, although at a slower pace as the GBPUSD pressed down to 1.3960 at one stage before recovering dome ground. As I write this morning we are trading at GBPUSD 1.3980.

Still largely to blame are those seeking cover from risk over the possible exit of the UK from the European Union and the uncertainties that come with that.

Today we expect the US services industry data, this is forecast to arrive only slightly higher than the last reading but this shouldn’t move things a great deal.

The EUR

Much the same trend stats with the GBPEUR as yesterday. The turmoil that comes from the headline news is not as effective in this currency pair.

Losing ground from 1.2850 all the way into the late 1.2600 mark in a steady but marked move. This morning we open at a shade under the 1.2700 mark.

No economic data is available today from the Eurozone.

The GBP

The Pound is taking significant losses and these are making the news as the European Union talks behind to look more and more uncertain and investors flock to the safety of less risky currencies.

Expect today to be no different, it really is time to think about how your currency needs are best serviced under these changing circumstances. Get in touch to look at options with us to manage risk.