UK pound goes down amid Brexit uncertainties

UK pound goes down amid Brexit uncertainties

On Tuesday, the UK pound headed south in Asia after British lawmakers denied all alternative options to the country’s Prime Minister Theresa May’s Brexit proposal.

As a matter of fact, the currency pair GBP/USD tumbled by 0.2% being worth 1.3068.

Investors are closely watching further developments on the Brexit after the British legislative body once again denied all alternative options to May’s withdrawal proposal.

The four options denied include a call on the UK cabinet to negotiate a permanent customs union, Britain joining the European Free Trade Association as well as European Economic Area, a choice between revoking Article 50 and Brexit, and also a confirmatory public vote on the Brexit.

For Great Britain, the legal default will be departing from the European bloc for 11 days.

Due to the fact that the House hasn’t demonstrated productive voting, for 11 days, Great Britain will depart from the European bloc even without a deal unless the prime minister acts, as some experts pointed out.

Besides this, the USD index, gauging the evergreen buck versus a number of its peers, rallied by 0.1% trading at 96.893.

A firmer-than-anticipated ISM manufacturing data was found a tailwind for the evergreen buck.

For March, ISM manufacturing data revealed an uptick to 55.3, which surpassed an estimate for 54.5. An outcome above 50 in the ISM index stands for an expansion in manufacturing, accounting for nearly 12% of the American economy.

The currency pair USD/CNY managed to jump by about 0.2% being worth 6.7198.

The currency pair AUD/USD declined by 0.1% right after the Reserve Bank of Australia held its interest rates at 1.5% exactly as anticipated.

Additionally, the currency pair NZD/USD dived by 0.4% showing 0.6775.


What to Trade on August 29 - September 2?
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Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.

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