Daily market Update 24/08/2021



Sterling is well-bid against most majors overnight. Labour leader Keir Starmer has written a 12,000-word essay in which he dubbed the term the “contribution society”, emphasizing the values of hard work, and partnerships between the state and private sector. He eschewed references to socialism and promised to support business and maintain fiscal discipline in a 35-page essay setting out his political ethos. Chancellor, Rishi Sunak, is under growing Tory pressure to soften the impact of rising living costs, fearing voter backlash from rising costs for citizens, as food prices and energy prices rise and inflation approaches 4%. The UK reported 36,710 coronavirus cases on Thursday.


The euro is lower against most majors in early morning trade. Germany’s Social Democrats (SPD) have maintained a small but steady lead in polls over the past few weeks, and the party’s chancellor candidate, Olaf Scholz, has already stated his intention to form a coalition with the currently third-placed Greens. But given Germany’s fractured political landscape, the SPD and Greens would need a third partner to be able to form a coalition. The third party would look likely to be Christian Lindner, the leader of the pro-business Free Democratic Party (FDP) is likely to find himself as the kingmaker, playing a key role in coalition talks.


The dollar is lower against sterling and higher against the euro overnight. The US Special Representative to Haiti has resigned in protest at what he described as the Biden administration’s “inhumane, counterproductive” decision to deport thousands of Haitian migrants, fleeing the crisis-torn country into the Southern United States after the earthquake in August. The US arrested Mark Gyetvay, finance chief of Russian natural gas group, Novatek, charged with tax fraud connected to $93mn in offshore accounts. The Department of Justice alleged that Mr. Gyetvay allegedly schemed to defraud the US government by hiding ownership and control in substantial overseas assets.

Ballinger & Co. Morning Report–24th September 2021

Today’s Rates

GBP>EUR – 1.1687

GBP>USD – 1.3716

EUR>USD – 1.1736

GBP>CAD – 1.7385

GBP>AUD – 1.8838

GBP>SEK – 11.838

GBP>AED – 5.0371

GBP>HKD – 10.676

GBP>ZAR – 20.035

GBP>CHF – 1.2672

Today’s Calendar           

·       USD      Fed’s Chair Powell speech

Today’s Highlights

·       Forex Today: Dollar rebounds as China Evergrande jitters damp mood, Powell eyed

·       EUR/USD Outlook: Investors turn cautious as German elections loom

·       Twitter may put Western Union out of business with new Bitcoin transfers feature

·       German IFO’s Economist: Supply shortages in industry sector worsened in September


This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited/Manor House Foreign eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.


Looking for a money transfer service? Request for a call today!

Leave a Reply

Your email address will not be published. Required fields are marked *