UK pound heads south after British lawmakers reject no-deal Brexit

UK pound heads south after British lawmakers reject no-deal Brexit

On Thursday, the UK pound headed south in Asia after British lawmakers rejected an idea of departing the European bloc without a withdrawal deal. As for the Chinese Yuan, it headed south too, reacting to dismal factory output data.

On Wednesday, British lawmakers didn’t allow Great Britain to leave the European bloc without a withdrawal pact. Today, they’re anticipated to back a delay to Brexit on March 29.

As a matter of fact, the currency pair GBP/USD surged by 2% after the news, although today it gave up some of its earlier profits. This currency pair was last seen at 1.3242, diving by about 0.7%.

The currency pair USD/CNY went up by about 0.1% hitting 6.7108 after data revaled that China’s industrial output went up at the slowest tempo for 17 years for the first two months this year.

Retail sales as well as fixed-asset investment managed to surpass forecasts.

In addition to this, the Yuan reference was set by China’s key bank at 6.7009. It’s lower than yesterday’s reading of 6.7114.  

Evaluating the purchasing potential of the greenback in contrast with its main counterparts the USD index jumped by 0.1% showing 96.648. On Wednesday, the evergreen buck was pressured because the UK currency surged on the latest Brexit news.

As the Labor Department informed, its producer price index for final demand rallied by nearly 0.1% in February, although confounded experts’ estimates for a 0.2% jump. For the 12 months through February, the PPI speeded down to a 1.9% soar, which is generally in line with expectations.

The currency pair AUD/USD dived by 0.4% being worth 0.7060 after the publication of downbeat Chinese data this morning.

By the way, China is considered to be Australia’s number one trading partner.


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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