12th September 2018-Notably choppy Sterling trading amid reports of plots to oust Prime Minister May and plans to abandon the Chequers agreement

 

     

Notably choppy Sterling trading amid reports of plots to oust Prime Minister May and plans to abandon the Chequers agreement

The Euro and Sterling were unable to sustain gains on Wednesday with notably choppy Sterling trading amid on-going Brexit uncertainty while the US dollar made slight net gains.

The Canadian dollar advanced amid hopes for Canadian concessions and progress towards a deal in NAFTA talks with the US.

Oil prices moved sharply higher to a 1-week peak amid Iranian supply concerns.

Global equity markets were mixed with Asian markets overall retreating to 14-month lows amid trade and financial unease.

UK unemployment held at 4.0% according to the latest UK data while there was a smaller than expected increase of 8,700 in the claimant count, although there was a smaller than expected increase in employment. The main focus was on average earnings with the headline annual increase strengthening to 2.6% from 2.4% while the underlying rate strengthened to 2.9% from 2.7%. GBP/USD advanced to fresh 5-week highs near 1.3080 before a rapid and unexplained slide.

Political concerns continued to have an important impact with Sterling also dipping after reports that the EU had warned the UK over too much optimism on breaking their red lines. In contrast, Irish Prime Minister Varadkar reiterated that a Brexit deal may be achievable within weeks.

Chancellor Hammond stated that Bank of England Governor Carney had agreed to extend his term until the beginning of 2020 and was also committed to doing whatever he can to promote a successful Brexit.

Sterling was unsettled to some extent by Brexit rumours during the Asian session on Wednesday with reports of plots to oust Prime Minister May and plans to abandon the Chequers agreement if it is rejected by the EU. Overall, the UK currency drifted lower, but GBP/USD found support near 1.3000 while GBP/EUR settled just above 1.1200 as political tensions remained elevated.

     
 
       
 

GBP/EUR 

– 1.1221

 
 

GBP/USD

– 1.3005

 
 

GBP/CHF 

– 1.2668

 
 

GBP/JPY 

– 145.03

 
 

GBP/AUD 

– 1.8308

 
 

GBP/NZD 

– 1.9964

 
 

GBPCAD

– 1.6992

 
 

GBP/ZAR 

– 19.6196

 
 

GBP/NOK 

– 10.8365

 
 

GBP/SEK 

– 11.7823

 
 

EUR/USD 

– 1.1583

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

10:00 EUR

Euro-Zone Industrial Production (Y/Y)

-

2.50%

 
   

13:30 USD

US PPI (Y/Y)

3.20%

3.30%

 
   

14:30 USD

FOMC Member J. Bullard Speaks

-

-

 
   

19:00 USD

US Federal Reserve's Beige Book

-

-

 
 
   
 
 
*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.
 
 
 

Sign up to our newsletter

  1. Please tell us your name(*)
    Please use only alpha-numeric characters
    Please use only alpha-numeric characters
  2. Your Email(*)
    Please let us know your email address.
  3. Business / Personal(*)
    Invalid Input
  4. Please tell us a telephone number you can be contacted on(*)
    Please use only numbers and hyphens

Get in touch

CentralFX

3 Lloyds Avenue
London, EC3N 3DS

+44 (0) 20 7265 7979

info@centralfx.co.uk

We trade currency here. You can trade currencies too. Why not try our currency calculator and use our currency chart and currency economic calculator. Currency is everything here.We trade currency here. You can trade currencies too. Why not try our currency calculator and use our currency chart and currency economic calculator. Currency is everything here.We trade currency here. You can trade currencies too. Why not try our currency calculator and use our currency chart and currency economic calculator. Currency is everything here.

.We trade well business here. You can trade business too. Why not try our with business and use our business chart and business economic. business is business here.

We use well business use here. You can trade with great use. Why not use our with use and use our business chart and use economic. business us business use.We use well business use here. You can trade with great use. Why not use our with use and use our business chart and use economic. business us business use.We use well business use here..

Why not trade with our trade and use our trade chart and trade economic.You can trade as we trade too. Why not trade with our trade and use our trade chart and trade economic. trade is trade here.We trade well trade here. You can trade as we trade too. Why not trade with our trade and use our trade chart and trade economic. trade is trade here

.We centralfx well centralfx here. You can centralfx as we centralfx too. Why not trade with centralfx our centralfx and use our centralfx chart and centralfx economic. centralfx is centralfx here.We centralfx well centralfx here. You can centralfx as we centralfx too.