7th August 2018-Sterling again undermined by political concerns amid an increase in media coverage of Brexit risks

 

     

Sterling again undermined by political concerns amid an increase in media coverage of Brexit risks

The dollar index advanced to fresh 2-week highs before being hit by a limited correction as key resistance held and European currencies rallied slightly.

Sterling was again undermined by political concerns amid an increase in media coverage of Brexit risks as GBP/USD dipped to 11-month lows before a tentative correction.

Iran tensions offered some protection to oil amid market tensions while gold was only able to make only a limited recovery as the dollar lost ground.

Chinese equities rallied sharply on Tuesday amid short covering and despite simmering trade tensions.

Sterling remained under pressure during Monday’s European session amid on-going political concerns. Prime Minister May reiterated that the government continues to believe a Brexit deal is the most likely outcome, although she also repeated that no deal was better than a bad deal.

Underlying market unease persisted, especially given preparations for a no-deal Brexit continued to gain media coverage and unsettled market sentiment.

Sterling lost ground against all majors and GBP/USD retreated to 11-month lows near 1.2920 early in the New York session. The Euro pushed to highs around 0.8935 before correcting slightly while GBP/USD recovered slightly to 1.2940.

BRC data recorded a like-for-like retail sales increase of 0.5% in the year to July from 1.1% previously amid strong sales in food while Barclaycard data indicated a 5.0% annual spending increase. Sterling was little changed on Tuesday with GBP/EUR near 1.1200 and GBP/USD just above 1.2950 as markets continued to monitor political developments.

 

     
 
       
 

GBP/EUR 

– 1.1192

 
 

GBP/USD

– 1.2945

 
 

GBP/CHF 

– 1.2899

 
 

GBP/JPY 

– 144.11

 
 

GBP/AUD 

– 1.7499

 
 

GBP/NZD 

– 1.9235

 
 

GBPCAD

– 1.6819

 
 

GBP/ZAR 

– 17.3551

 
 

GBP/NOK 

– 10.6696

 
 

GBP/SEK 

– 11.5632

 
 

EUR/USD 

– 1.1553

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

07:00 EUR

German Trade Balance

20.0B

20.3B

 
   

08:30 GBP

UK Halifax HPI (M/M)

-

0.3

 
   

15:00 USD

USD JOLTs Job Openings

-

6.638M

 
   

15:00 CAD

Ivey PMI

-

63.1

 
 
   
 
 
*All rates shown are indicative of interbank rates and should only be used for indication purposes only. It is important to note that foreign exchange rates fluctuate and that rates may vary depending on the amount and the base currency that is purchased or sold. Rates are correct as of 8:00am UK time.  CentralFX are not responsible for the rates shown.
 
 
 

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