EUR supported by the European Commission
The EUR made a significant rise on the news of the stimulus expansion. Will it last long?
British pound gets back to the year’s minimum due to Brexit concerns
On Wednesday, the British pound headed south, demonstrating the lowest reading since the beginning of the year versus its key rival - the evergreen buck. The given tumble was eventually provoked by renewed concerns as for the everlasting talks on Britain's withdrawal from the European Union and also relatively moderate wage growth in this country.
On Tuesday, the British government told that in June it’s all geared up towards publishing detailed plans for future relations with the European Union, in an attempt to overcome the impasse in the Brexit negotiations.
The disagreements within the government about the future of cooperation with Brussels along with repeated complaints from European officials for lack of clarity regarding what Great Britain wants, persuaded market participants that Brexit talks still pose a real threat to the British pound, less than a year before the United Kingdom should finally abandon the European trading block.
Published on Tuesday, data disclosed that British employers hired far more staff members than expected in early 2018. These statistics might clearly indicate that the weakness of the British economy observed at the beginning of the year might turn out to be temporary.
However, wage surge statistics remain mixed, with annual increases in wages, excluding bonuses, of up to 2.9% for the three months to March, as market experts interviewed by Reuters had hoped for.
As a matter of fact, the major UK currency headed south by approximately 0.2%, coming up with an outcome of nearly $1.3479, trading near the minimum of 2018 - $1.3452, which was demonstrated on Tuesday.
In relation to the common currency, the British pound managed to tack on by up to 0.1%, ending up with a reading of about 87.560 pence for the single currency.
Similar
May 2020 forex season trading
April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
GBP: April gains undone
The first days of May suggest the month will be risk-off for the GBP/USD. Here is why.
Latest news
All attention to EUR after ECB rate statement
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
What drives the market on July 15?
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
How to trade CAD after BOC statement?
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.
Deposit with your local payment systems
