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Currency swings hit whole industry

With the pound reacting to the latest political news, it could have implications for the whole industry

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Currency swings hit whole industry

With currency reacting quickly to the latest news in the political sphere, analysts said volatility in the pound would be expected to continue as we approach Brexit day.

 

AHDB market intelligence director Phil Bicknell said currency was a major factor in anything the industry buys or sells as it changes the competitive environment.

 

He highlighted lamb markets, where a weaker pound can make exports more competitive. Cereals trading on global markets were also affected by currency swings.


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“It alters the competitive environment,” he said. “For inputs, it is the big Fs – feed, fuel and fertiliser.”

 

He said while it was not something farmers could control, it was something which could have a major impact.

 

Impact

 

“It is not one of the factors which farmers immediately factor into their assumptions,” he said.

 

“We are increasingly considering volatility around big political decisions, and this adds an economic element.”

 

But when talking about any element of volatility, it was about taking a longer term view.

 

Mr Bicknell added for AHDB’s export work, it was also about looking at the longer term, not immediate short-term opportunities and challenges from the currency.

 

“What we are factoring in is much more about the market fundamentals,” he said.

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