|Day's Range||0.867 - 0.873|
|52 Week Range||0.8636 - 0.9086|
Investing.com -- The euro turned higher against the dollar in early trading in Europe Thursday, as purchasing manager indices from France and Germany signalled that the euro-zone economy may be bottoming out after its slowdown at the end of 2018.
Chances of a U.K. election this year are on the rise, according to betting markets, after three lawmakers quit British Prime Minister Theresa May’s Conservative Party due to disagreements over Brexit.
Investing.com -- The dollar was lower against the euro and the British pound in early trading in Europe Wednesday as a fall in U.S. Treasury yields reduced its attractiveness amid expectations of dovish news on interest rates from the Federal Reserve.
Investing.com -- Foreign exchange markets got off to a slow start Monday, with trading set to remain subdued due to a sparse data calendar in Europe and public holidays in North America.
The British Parliament on Thursday rejected U.K. Prime Minister Theresa May's Brexit strategy, adding to the government's tally of lost parliamentary votes, as expected. Prime Minister May had aimed for a re-endorsement of her plan to secure changes to the Brexit deal she agreed with the European Union late last year, which would allow the U.K. to avoid a hard, no-deal Brexit. May's initial deal was rejected by Parliament in January, though lawmakers also voted in favor of avoiding a hard Brexit. Amendments are not legally binding but indicate a government's viability and support. The defeat adds to May's poor performance in parliamentary votes over the past months. May was not in Parliament to respond to the defeat. The U.K. is slated to exit the EU on March 29. As of now, no deal governing the U.K. trade and other relations with Brussels is in place. The British pound reacted little to the vote, holding its losses, last at $1.2806, down 0.3%. Similarly, the euro held its gains against sterling, buying £0.8821, up 0.6%
U.K. Prime Minister Theresa May told the British Parliament on Tuesday that more negotiations with the European Union were necessary to reach a final Brexit agreement that Parliament could vote on. May added that she would bring forward a so-called amendable motion in Parliament on Feb. 27, if no vote on a deal had been held by then. Lawmakers rejected the deal May struck with Brussels late last year, but also voted against leaving the EU without a deal. The U.K. is set to leave the EU on March 29. While May acknowledged that president of the European Commission Jean-Claude Juncker didn't want to renegotiate, she would meet him again before the end of February. The main sticking point remains the backstop at the Northern Irish border. May said there were alternatives to change the current backstop agreement, including adding a legally-binding time limit, or adding a unilateral exit clause. The British pound traded in a tight range while May spoke in the House of Commons, but strengthened to $1.2886, versus $1.2860 late Monday, following her initial remarks.
Investing.com - The British pound fell to the lows of the day on Monday after data showing that Britain’s economy slowed sharply in the final three months of 2018 amid concerns about the impact of Brexit.
The British pound dropped on Thursday following the Bank of England's first monetary policy update and inflation report of the year, in which it left interest rates unchanged, in line with market expectations. The central bank said that a continued, gradual tightening of monetary policy was necessary given its forecast for inflation, but warned of various factors weighing on the U.K. economy. The benchmark interest rate remained unchanged at 0.75%. Fading global economic growth, reflecting the tightening of financial conditions and the impact of trade tensions on the business environment, as well as uncertainties surrounding Brexit will weigh on the U.K. economy, said the central bank. "UK economic growth slowed in late 2018 and appears to have weakened further in early 2019," said the BOE statement. With regards to Brexit, the bank reiterated its stance that "the appropriate path of monetary policy will depend on the balance of these effects on demand, supply and the exchange rate. The monetary policy response to Brexit, whatever form it takes, will not be automatic and could be in either direction." Meanwhile, consumer price inflation is expected to converge with its 2% target in the near-term on the back of a drop in oil prices. Sterling, which had started the session weaker versus its U.S. rival, extended its losses on the back of the BOE release, diving to a low of $1.2853. The pound last bought $1.2878, compared with $1.2931 late Wednesday in New York.
What would be seen as a major threat to the Sterling resuming its painful descent would be if the BoE issues a downbeat policy statement, suggesting a downward revision in growth and inflation forecasts which obstruct the need to raise rates.
Investing.com -- Foreign exchange markets were mixed in early Friday trade in Europe, as tentative signs of progress in the U.S.-China trade war were offset by surveys showing more economic weakness in China and other Asian economies.
Investing.com - The dollar extended losses against its major rivals on Thursday, plumbing three-week lows after the Federal Reserve dialed back its predictions of future rate hikes this year, amid increasing uncertainty over the global economic outlook.
The U.S. dollar turns lower on Wednesday after the Federal Reserve took a dovish turn, pledged it would be patient with further interest rates increases and eliminated language calling for ‘further gradual’ rate increases.
Investing.com - The U.S. dollar dipped against a basket of its rivals on Wednesday ahead of the Federal Reserve’s policy decision, while the pound steadied after sliding in the previous session amid fresh concerns over the prospect of a no-deal Brexit.
The British pound was front and center in Tuesday’s currency trading as the U.K. Parliament debated amendments to a proposed Brexit deal.
The British Parliament on Tuesday passed an amendment to rule out a no-deal or hard Brexit, as well as an amendment to replace the Irish backstop proposal with an 'alternative arrangement'. The outcome of the parliamentary vote is not legally binding for the government. The no-deal amendment passing indicates that a no-deal Brexit scenario continues to be the least likely, supporting market expectations. Prime Minister Theresa May said she would take this mandate to obtain legally binding changes in the European Union withdrawal agreement. Parliament voted on a total of seven amendments on Tuesday, which included a proposal extend the Brexit timeline and to postpone the Brexit date if no deal was found until late February. The British pound plummeted against both the U.S. dollar and the euro after the latter amendment got rejected. Sterling last bought $1.3067 versus $1.3157 late Monday in New York. The euro gained 0.7% against sterling, buying £0.8749. The amendments were brought forward after May's initial Brexit deal, which she agreed with the EU late last year, was rejected by Parliament earlier this month. Early Tuesday, May said that she would take the withdrawal agreement back to Brussels. The premier will travel to Brussels this week, according to Bloomberg.
The British pound gained against the U.S. dollar and the euro on Tuesday as Prime Minister Theresa May addressed Parliament, saying that she wants to reopen the withdrawal agreement with the European Union. The EU previously said it wouldn't renegotiate. The British Parliament will debate and vote on various amendments to May's initial deal on Tuesday, including one to delay Brexit and one to renegotiate the deal. Votes are expected around 7 p.m. London time (2 p.m. Eastern). Sterling , which has been driven by the assumption that a hard Brexit is becoming more and more unlikely, bounced to $1.3192, compared with $1.3157 late Monday as May addressed Parliament. The euro meanwhile slipped to £0.8661, down 0.3%
Investing.com - The safe haven yen was higher against the U.S. dollar on Tuesday after U.S. authorities hit Chinese technology firm Huawei with criminal charges, ratcheting up trade tensions between the world’s two largest economies.
The U.S. dollar kicks off the week on the back foot, continuing last week’s downtrend, amid a jam-packed week, headlined by a key vote on Brexit amendments, a Federal Reserve meeting, Chinese data and trade talks.
Investing.com -- The dollar rose slightly against the euro in early trading in Europe Monday after a dismal survey from the respected German research institute Ifo.
As a rule, Queen Elizabeth doesn’t talk about U.K. politics. But many commentators are convinced the monarch just made a veiled plea for the country’s politicians to find common ground as turmoil continues over Brexit.
Investing.com - The pound slid on Monday as British Prime Minister Theresa May prepared to outline her Plan B for Brexit, designed to break the deadlock in parliament by setting out proposals that are expected to focus on winning more concessions from the European Union.