Economics
Sterling Pound Rallies As UK Govt Prepares for No-Deal Brexit
The Sterling pound today rallied against the dollar on positive investor sentiment before falling on Brexit jitters after comments from the Irish government. The GBP/USD currency pair later rallied even after the UK said that it was actively preparing for a no-deal Brexit scenario as the October 15 deadline approaches. The GBP/USD currency pair today fell to a low of 1.2846 in the early American session before rallying close to its daily highs […]

The Sterling pound today rallied against the dollar on positive investor sentiment before falling on Brexit jitters after comments from the Irish government. The GBP/USD currency pair later rallied even after the UK said that it was actively preparing for a no-deal Brexit scenario as the October 15 deadline approaches.
The GBP/USD currency pair today fell to a low of 1.2846 in the early American session before rallying close to its daily highs of 1.2929 printed earlier in the London market.
The currency pair rallied higher earlier today reversing yesterday’s massive drop before Ireland’s Foreign Minister Simon Coveney said that the EU’s top negotiator Michel Barnier will not agree to expedited talks unless the UK shifts its stance on state aid. However, the UK’s lead Brexit negotiator David Frost told reporters that the UK was willing to trade on Australia terms if a deal could not be reached. The release of the disappointing UK house price index report by the Office for National Statistics also contributed to the pair’s initial decline. Cabinet Minister Michael Gove confirmed the government’s stance saying that preparations for a no-deal Brexit were intensifying.
The cable’s rally during the American session was fueled mainly by the greenback’s weakness as tracked by the US Dollar Index, which hit a low of 93.56. The release of the FOMC minutes later in the session had a muted impact on the pound.
The currency pair’s future performance is likely to be affected by Andrew Bailey’s speech tomorrow and US dollar dynamics.
The GBP/USD currency pair was trading at 1.2915 as at 20:35 GMT having rallied from a low of 1.2846. The GBP/JPY currency pair was trading at 136.85 having risen from a low of 135.95.
© SimonMugo for Forex News, 2020. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: Brexit, David Frost, FOMC, GBP/JPY, GBP/USD, House Prices, Michel Barnier, Office for National Statistics, Pound, Simon Coveney, Trade Talks, United Kingdom, US Dollar Index
Feed enhanced by Better Feed from Ozh

The Government’s Path is Unsustainable
Will we have another government shutdown? … federal spending and debt levels are out of control … Janet Yellen’s preferred health diagnostic has…
Beware! 7 Growth Stocks Waving Massive Red Flags Right Now
While hopes for long-term returns may lure investors to growth stocks, some of these very stocks should be avoided. Especially if they’re waving red…
‘Higher For Longer’ Reality-Check Wrecks Bonds, Banks, & Big-Tech
‘Higher For Longer’ Reality-Check Wrecks Bonds, Banks, & Big-Tech
Despite being told – for months – that The Fed wanted to keep rates…
-
Companies23 hours ago
Eye on Lithium: A sniff of Sigma-like success has ASX hard rock explorers moving to Brazil
-
Companies11 hours ago
FPX Nickel shares rally on battery metals MOU
-
Financing News8 hours ago
Criterium Energy Announces Restructured Transformative Acquisition of Mont D’Or Petroleum Ltd. and C$15.3 Million Financing, Led by a Strategic Investor
-
Uncategorized22 hours ago
ASX Small Caps and IPO Weekly Wrap: How bad was it? I’m honestly afraid to look…
-
Companies16 hours ago
Solaris Resources’ (TSX:SLS) Lowell Mineral Exploration Earns Level 1 Carbon Footprint Badge from Ecuador’s Ministry of Environment
-
Uncategorized20 hours ago
3 ETFs for the Conservative Investor to Buy and Hold
-
Financing News16 hours ago
Standard Lithium Reports 2023 Full Year and Fourth Quarter Results
-
News Releases4 hours ago
/C O R R E C T I O N — Orex Minerals Inc./