|Day's Range||0.898 - 0.9|
|52 Week Range||0.8636 - 0.9086|
Labour Party leader Jeremy Corbyn is expected to bring a vote of no-confidence against U.K. Prime Minister Theresa May, after the premier refused to hold a vote on her Brexit deal before the Parliament's Christmas recess. May earlier said she intended to schedule a vote for the week of Jan. 14, which many members of Parliament deem as too late. The Prime Minister survived a vote of no-confidence brought by her own Conservative Party last week. The British pound was clinging to gains, last buying $1.2622, up 0.3%.
Investing.com - Despite the fact that the European Central Bank decided to pause on its asset purchase program, its president, Mario Draghi, warned that risks were leaning to the downside, sending the euro briefly to intraday lows.
Today, in the EU markets’ focus is the ECB meeting, which often causes strong volatility. Mario Draghi is expected to confirm that the Central Bank will finally stop buying assets by the end of this year.
The British pound is one of the strongest major developed market currencies on Monday, advancing as U.K. Prime Minister Theresa May faces a vote of no-confidence.
Investing.com - The British pound edged higher on Wednesday, following news that Prime Minister Theresa May will face a vote of no-confidence from members of her own Conservative party later in the session.
The British pound touched a fresh 20-month low on Tuesday amid continuous Brexit struggles that saw U.K. Prime Minister Theresa May jetting across the European continent in an effort to get reassurances on the Northern Ireland border issue as she attempts to shore up support at home for her Brexit plan. Meanwhile back in the U.K., there were conflicting reports about whether enough Conservative members of parliament had sent in letters that would trigger a leadership challenge to May. The Prime Minister pulled the vote on her Brexit deal on Tuesday, apparently under the assumption that she would lose it anyway. But as a vote of no-confidence has seemed close before, investors might practice caution, explaining the relatively muted slide in sterling that nevertheless hit its lowest level since April 2017. The pound last bought $1.2537, down 0.3%, but up from its session low of $1.2493. The euro spiked to £0.9064, but since came down to an unchanged level of £0.9028.
Asian markets closed mixed on Tuesday following Monday’s wild ride in US equities. Indices in the EU were up an average 1.75% in early Tuesday. The trade news from China helped lift US indices in early Tuesday trading.
Investing.com - The U.S. dollar slid lower against a currency basket on Tuesday while the pound found some support after a steep selloff in the previous session in the wake of a shock decision by British Prime Minister Theresa May to delay a key vote on Brexit.
Currency markets were shaken by more Brexit drama on Monday, as Tuesday’s highly anticipated vote on Prime Minister Theresa May’s Brexit deal is now reportedly shelved.
U.K. Prime Minister Theresa May confirmed the parliamentary vote on the Brexit deal she agreed with the European Union would be delayed during a speech in the British House of Commons on Monday. The primer minister further said there was "no deal available that doesn't include the backstop," referencing the agreed solution to dealing with the border between Northern Ireland and the Republic of Ireland. Members of parliament critical of May's deal have said the backstop could become permanent and thus infringe upon the U.K.'s sovereignty. May added that she would do anything she could to get further assurances on the backstop from the EU. The British pound extended its sharp losses following May's speech, touching a fresh 20-month low. Sterling last bought $1.2531, down 1.6%, according to Factset. The euro was up 1.6% versus the pound, buying £0.9086.
Investing.com - The pound sank on Monday following reports that British Prime Minister Theresa May would cancel Tuesday’s planned vote on whether to approve her Brexit withdrawal deal in order to avoid a defeat that could potentially bring down her government.
Investing.com - The U.S. dollar was flat against a currency basket on Monday after drifting lower overnight amid worries about trade war tensions and the health of the global economy, while the pound was on the back foot ahead of this week’s Brexit vote.
The pair is range bound ahead of tomorrow’s brexit vote as tension remains high amid broad based USD weakness.
Investing.com - This week investors will look to data on consumer prices and retail sales for the latest update on the health of the U.S. economy.
Investing.com - The pound pushed higher on Wednesday, extending the day’s gains as mounting opposition to British Prime Minister Theresa May’s Brexit deal prompted some investors to start pricing in chances of averting Brexit altogether.
The British pound is the most volatile major currency on the block on Tuesday, knocked down by a pair of parliamentary votes and a ruling by the European Union’s highest court.
The British pound turned negative half-way through the U.S. session on Tuesday, as the U.K. members of Parliament voted that Prime Minister Theresa May's government was in contempt after failing to publish the full legal advice for May's Brexit deal. The legal advice must now be published. The embattled PM is facing a parliamentary vote on Dec. 11 on the agreement she reached with the EU. Sterling turned negative in response, dropping to $1.2676, its lowest level since June 2017, according to Dow Jones Market Data. The euro-sterling pair was slightly stronger, with one euro buying £0.8935. The pound had been stronger for most of Tuesday's session after the European Court of Justice published an opinion by the Advocate General saying that the U.K. could unilaterally reverse Brexit.
The U.K. may overturn its decision to exit the European Union unilaterally, that is without approval of EU member states, according to the advocate-general of the European Court of Justice. The top legal official, Campos Sánchez-Bordona, however said that the decision had to be made within two years of triggering article 50, which would be in March 2019. Embattled U.K. Prime Minister Theresa May is meanwhile still working up support for the Brexit deal she agreed to with the EU last month. This will come to a head on Dec. 11, when the British parliament will vote on it. The British pound rallied on the back of the news, which is seen as a win for the 'remain' camp. Sterling last bought $1.2804, up from $1.2723 late Monday in New York. The euro-pound pair was 0.3% weaker, with one euro buying £0.8897.
Investing.com - The dollar steadied on Thursday following a drop in the previous session after dovish comments by Federal Reserve Chairman Jerome Powell, who said interest rates were now close to the “neutral” level.
Investing.com - The dollar ticked up to almost two-week highs against a currency basket on Tuesday amid fears that the U.S.-China trade war could escalate, while the pound weakened following U.S. President Donald Trump’s warning that the Brexit deal is bad for the UK.
Investing.com - The dollar was broadly lower on Monday, with the euro and the pound gaining ground as concerns over Italy’s budget row eased, but investors remained cautious as a host of geopolitical risks continued to loom over markets.
Investing.com - Minutes from the European Central Bank's Oct. 25 policy meeting indicated that policymakers are on track to wind up its asset purchase program in December, despite growing concerns over risks to the economic outlook.
Investing.com - The pound surged higher on Thursday following reports that the UK and the European Union have reached an agreement on a draft text outlining future EU-UK ties post-Brexit.
Investing.com - The dollar ticked lower against a currency basket on Thursday as a cautiously optimistic mood in markets dampened safe haven demand, while the euro edged higher amid hopes for a resolution to the row over Italy’s budget.