Free Trial

Sterling off well over 2% from the............>

FOREX
FOREX: Sterling off well over 2% from the Wednesday high on Cabinet turmoil
-The pound grabs the headlines once again with May's Brexit deal on the ropes as
she suffers a wave of cabinet resignations (most notably Brexit secretary Raab)
calling her negotiations with Brussels into question. She addresses parliament
at 1030GMT. GBP/USD fell the best part of 200 pips within an hour as markets
continue to write down the chances of a smooth transition for the UK -
compounded by a surprisingly poor retail sales report. The GBP/USD move bottomed
out at $1.2796 so far. Despite rallying sharply against the GBP, the EUR is also
suffering from Brexit spillover - the second weakest in G10.
-At the other end of the table, antipodeans trade particularly well on the back
of Australia's strong jobs report: unemployment unexpectedly fell to 5.0%, with
total jobs gained well over 50% above forecast. AUD/USD is yet to recover $0.73,
however, with the USD index recovering modestly ahead of the NY crossover. 
-US retail sales, import price index and weekly jobs data takes focus with
speeches also due from ECB's Coeure, Praet and de Guindos as well as Fed's
Quarles, Powell, Bostic and Kashkari.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.