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High Brexit Uncertainty sees Major Loss in GBP USD Pairing
Published: 9 Jan at 4 PM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, Forex, UK, Exchange Rates, Pound Dollar Exchange Rate,
Poor Start to Week’s GBP USD Trading after Unclear May Comments Trigger Investor Rout
After the UK was graced with rising PMI figures last week, the current one has started off on a comparatively flatter note by comparison. In addition to the Pound crashing initially because of alarming interpretations of Theresa May’s comments, subsequent heavy losses for Sterling have been seen after attempts to clarify the situation also failed.
The Prime Minister’s triggering remarks came during a New Year interview on Sky, where the PM’s ambiguous statements led investors to interpret that a ‘Hard Brexit’ was incoming, and that single market access would not be aimed for by the Government.
May has since refuted these assumptions, but the rebuttal mattered little and the Pound has slumped heavily downwards to a rate of 1.21 against the US Dollar as a result.
Looking ahead to the week’s remaining UK economic announcements, the Pound could rise against the US Dollar if Wednesday morning’s trade balance stats for November rise; the previous recorded deficit was a figure of -1.97bn.
Other notable UK news out on Wednesday will include industrial and manufacturing production results for November, which are expected to show a rise out of negative ranges on both the month and the year.
USD GBP Exchange Rate Climbs after Positive Comments from Fed Official
Unlike the Pound, the US Dollar has been supported by positive domestic news today, which has come from the nation’s central bank, the Federal Reserve.
Speaking amid the now-routine controversy generated by President-Elect Donald Trump, Fed Bank of Boston President Eric Rosengren stated that he saw a ‘somewhat more regular’ pattern of US interest rate hikes taking place over 2017.
This raises expectations of a near-term rate hike coming, with Rosengren’s remarks further increasing the odds that March will be the first month of the year to see the Fed raise national interest rates.
Looking ahead to Tuesday, major US news will consist of the IBD/TIPP economic optimism score for January, as well as wholesale inventories figures for November.
In the latter case, a potentially damaging rise from -0.1% to 0.9% is expected; this may be bad news for the US as a rise in inventories indicates that a certain amount of stock is going unsold.
After the UK was graced with rising PMI figures last week, the current one has started off on a comparatively flatter note by comparison. In addition to the Pound crashing initially because of alarming interpretations of Theresa May’s comments, subsequent heavy losses for Sterling have been seen after attempts to clarify the situation also failed.
The Prime Minister’s triggering remarks came during a New Year interview on Sky, where the PM’s ambiguous statements led investors to interpret that a ‘Hard Brexit’ was incoming, and that single market access would not be aimed for by the Government.
May has since refuted these assumptions, but the rebuttal mattered little and the Pound has slumped heavily downwards to a rate of 1.21 against the US Dollar as a result.
Looking ahead to the week’s remaining UK economic announcements, the Pound could rise against the US Dollar if Wednesday morning’s trade balance stats for November rise; the previous recorded deficit was a figure of -1.97bn.
Other notable UK news out on Wednesday will include industrial and manufacturing production results for November, which are expected to show a rise out of negative ranges on both the month and the year.
USD GBP Exchange Rate Climbs after Positive Comments from Fed Official
Unlike the Pound, the US Dollar has been supported by positive domestic news today, which has come from the nation’s central bank, the Federal Reserve.
Speaking amid the now-routine controversy generated by President-Elect Donald Trump, Fed Bank of Boston President Eric Rosengren stated that he saw a ‘somewhat more regular’ pattern of US interest rate hikes taking place over 2017.
This raises expectations of a near-term rate hike coming, with Rosengren’s remarks further increasing the odds that March will be the first month of the year to see the Fed raise national interest rates.
Looking ahead to Tuesday, major US news will consist of the IBD/TIPP economic optimism score for January, as well as wholesale inventories figures for November.
In the latter case, a potentially damaging rise from -0.1% to 0.9% is expected; this may be bad news for the US as a rise in inventories indicates that a certain amount of stock is going unsold.
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Source: moneytransfer.co.uk