UK currency slumps

UK currency slumps

On Wednesday, the British pound dived following reports of a probable leadership challenge to UK Prime Minister Theresa May.

The British pound went down by about 0.25% hitting $1.2994 versus the evergreen buck right after the BBC informed that a group of 50 lawmakers in May's cabinet had a meeting in order to negotiate how and when they could force her to resign.

Eventually, the given lawmakers have condemned her plans for the United Kingdom to stay in a free trade zone for products with the European Union after it leaves this trading bloc in March next year.

The UK currency later revived to stand still at nearly $1.3028. Meanwhile, versus the common currency the UK pound stood still reaching 89.010 pence per euro.

In choppy trade for recent days, the UK currency had reached a five-week maximum of $1.3087 on renewed expectations of a speedy Brexit deal with Brussels.

While recent indications from Brussels have pointed to resumed confidence that the United Kingdom and the EU are capable of agreing a deal to have trading relations governed after Brexit, divisions within May's cabinet over Brexit keep rattling financial markets.

The UK currency has lurched up and down on nearly every Brexit-related news last  week due to the fact that market participants struggle to find out whether the UK is able to avert a no-deal Brexit when it escapes from the European bloc or not.

Upbeat economic data in the United Kingdom published this week, with relatively strong GDP figures have been generally neglected because market participants pay attention to Brexit developments.

Financial analysts and investors tell that a great number of market participants don’t want to take out big directional bets on the UK currency due to the uncertainty about where the Brexit talks are headed.



Monday started with volatility
Monday started with volatility

Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.

Latest news

USD Moves Weird Ahead of CPI
USD Moves Weird Ahead of CPI

The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.

The NFP Release: One More Punch for USD?
The NFP Release: One More Punch for USD?

The United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on August 5, 15:30 GMT+3.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera