Economics
Analysts Remain Unconvinced by Sterling’s Rally
The Great Britain pound was the strongest currency on the Forex market today, rallying against other most-traded counterparts. But analysts were not convinced by the rally, arguing that it was a result of short-sellers taking profits, not supportive fundamentals. With not many fundamental factors supporting the currency and several high-profile events this week, specialists think that it is too risky to buy the sterling. The main theme for Britain’s […]
The Great Britain pound was the strongest currency on the Forex market today, rallying against other most-traded counterparts. But analysts were not convinced by the rally, arguing that it was a result of short-sellers taking profits, not supportive fundamentals. With not many fundamental factors supporting the currency and several high-profile events this week, specialists think that it is too risky to buy the sterling.
The main theme for Britain’s currency remains the Brexit and a trade agreement between the United Kingdom and the European Union. UK Prime Minister Boris Johnson proposed last week a bill that will make changes to the Withdrawal Agreement that has been already accepted by the EU. Members of the Parliament will debate in the House of Commons over the bill this week. The bill has already drawn heavy criticism from EU officials as well as some UK politicians as a blatant breach of the already existing international agreement.
Another important event will be the Bank of England monetary policy meeting on Thursday. While no changes to the policy are expected, traders will closely watch comments from the central bank’s officials.
There will also be several important macroeconomic releases over the week, including employment, inflation, and retail sales data.
GBP/USD rallied from 1.2781 to 1.0882 as of 15:08 GMT today. GBP/JPY rose from 135.56 to 136.14, touching the high of 136.58 intraday. GBP/CHF jumped from 1.1614 to 1.1680.
© NewsInspector for Forex News, 2020. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: Bank of England, Brexit, GBP/CHF, GBP/JPY, GBP/USD, Monetary Policy, Pound, United Kingdom
Feed enhanced by Better Feed from Ozh
The Subtle Art Of Orange-Pilling
The Subtle Art Of Orange-Pilling
Authored by Jesse Colzani via BictoinMagazine.com,
Every Bitcoin user has very different reasons for using…
Selling Into Daily S&P 500 Strength
S&P 500 staged a dead cat bounce following Thuursday‘s slide, and so did yields retreating a bit. Coupled with Japan … Read more
The Economist Gets It Wrong on Dollarization in Argentina
The Economist misunderstands the most fundamental aspects of Milei’s plan to dollarize Argentina and shut down its central bank.
-
Energy & Critical Metals22 hours agoBasin drilling returns up to 0.27% uranium at Geikie, highlights ‘scale potential to produce a major discovery’
-
Economics19 hours agoScarcity Is Not Enough
-
Base Metals15 hours agoUS Steel partners with NETL to test new NETL membrane for carbon capture from steelmaking operations
-
News Releases13 hours agoNorthWest Copper Announces Property Sale Agreement
-
Uncategorized21 hours agoBelararox eyes new targets to boost Belara 5Mt copper-zinc resource
-
Companies12 hours agoWest Red Lake Gold Strengthens Management Team
-
Energy & Critical Metals21 hours agoFin launches into maiden fieldwork over Mt Tremblant lithium projects in the prolific James Bay
-
Companies15 hours agoFirst Quantum Minerals to expand Kansanshi copper mine with MECS technology for smelter
