6th November 2018-Sterling was subjected to choppy trading as markets reacted to Brexit headlines

 
     

Sterling was subjected to choppy trading as markets reacted to Brexit headlines

Sterling was subjected to choppy trading as markets reacted to Brexit headlines, although net optimism that a deal was close pushed it stronger with GBP/USD at 2-week highs.

Brexit hopes also underpinned the Euro to some extent and the dollar lost traction amid caution ahead of Tuesday’s US congressional elections.

Oil prices remained under pressure and close to 6-month lows with sentiment hampered by US exemptions on Iran sanctions.

A steadier tone surrounding risk curbed defensive demand for the yen and Swiss franc while equity markets traded mixed.

The UK PMI services-sector index declined to 52.2 for October from 53.9 previously which was below consensus forecasts and the weakest reading for seven months. New business growth increased at the slowest pace since July 2016 with concerns surrounding Brexit and the global economic outlook curbing activity, although cost pressures intensified.

Sterling continued to fluctuate on Brexit headlines ahead of the New York open with a flurry of remarks and unofficial briefings. Sources suggested that a deal would not be reached this week and that the potential timetable for a special EU Summit had been pushed back to late November. The remarks curbed Sterling buying to some extent, although increased overall optimism over a deal continued to trigger underlying short covering.

The UK currency secured a firm overall tone with a sustained GBP/USD move above 1.3000 while EUR/GBP dipped below 0.8750.

UK data indicated weak retail sales, although overall spending held firm. Political developments continued to dominate with further reports of EU concessions helping to underpin Sterling as GBP/USD traded at 2-week highs above 1.3050 and EUR/GBP close to October lows ahead of Tuesday’s Cabinet meeting.

     
 
       
 

GBP/EUR 

– 1.1436
 
 

GBP/USD

– 1.3061

 
 

GBP/CHF 

– 1.3110

 
 

GBP/JPY 

– 148.06

 
 

GBP/AUD 

– 1.8085

 
 

GBP/NZD 

– 1.9606

 
 

GBPCAD

– 1.7126

 
 

GBP/ZAR 

– 18.5415

 
 

GBP/NOK 

– 10.9042

 
 

GBP/SEK 

– 11.8155

 
 

EUR/USD 

– 1.1415

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:55 EUR

German PMI Services

53.6

53.6

 
   

09:00 EUR

Euro-Zone PMI Services

53.3

53.3

 
   

15:00 USD

JOLTs Job Openings

-

7.136M

 
   

21:45 NZD

New Zealand Unemployment Rate

4.5%

4.5%

 
 
   
 
 
*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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