|Day's Range||1.276 - 1.288|
|52 Week Range||1.2663 - 1.4377|
Key ministers are quitting Theresa May’s cabinet over her Brexit deal, and that’s driving down the pound. Yahoo Finance’s Alanna Petroff has details from London.
It’s hard to imagine a more chaotic run-up to Britain’s exit from the European Union. Here’s why investors can’t ignore it.
The U.S. dollar sells off versus its major rivals on Friday, after Federal Reserve Vice Chairman Richard Clarida offers some dovish comments. The ailing buck gives more room to rebound to the British pound, which recovers from its worst one-day performance in more than two years on Thursday.
In could be a tense weekend for currency traders and others keeping a close eye on the political turmoil surrounding the British government’s efforts to negotiate its exit from the European Union.
The British pound continue to go back and forth during the trading sessions that made up the previous week, as we have so much in the way of confusion out there. As long as the Brexit is still a question, this will continue to be the way forward.
The British pound has bounced a bit during the trading session on Friday, as the 1.27 level has offered a significant amount of support more than once. That is an area where we will see a major fight, but if we were to break down below there, we could go much lower.
The dollar fell on Friday after Richard Clarida, vice chairman of the Federal Reserve, said that interest rates were near neutral, but indicated that a December rate hike is still possible. Clarida told CNBC on Friday that the Fed hasn’t raised rates too far or fast but that it’s too early to know if they should increase rates too far to hold back growth. The 2.5% to 3.5% range is considered a neutral level that doesn’t stimulate or hinder the economy, he said.
London’s main stock index logs another losing session Friday, driven by banks and drug companies, and continued political turmoil over Brexit plans. .
Investing.com - Sterling rallied on Friday, despite concerns over Brexit and the resignation of key officials in Prime Minister Theresa May’s government.GBP/USD rose 0.34% to 1.2818 as of 5:37 AM ET (10:37 GMT), after slumping to 1.2739 on Thursday after Brexit minister Dominic Raab resigned.Raad said he could not support the prime minister’s support terms of the the draft.Meanwhile at least 16 members of the Conservative Party have called for a vote of no confidence in May, increasing the chance of the country leaving the European Union in March without a deal. ...
The pair initially rallied during the Thursday’s session but found enough resistance around the 1.1350 level to roll back and break below the 1.13 level. The market is thrown off the track by recent Brexit headlines, Italian debt crisis situation and Fed raising the interest rates. If the market breaks below the 1.12 level, then it could break further possibly towards the 1.10 level. The 1.1350 is massively resistive, that extends up to the 1.14 level. …Read MoreGBP/USD
Investing.com - The British pound rose on Thursday despite concerns that political turmoil in the U.K. could see it leave the EU on March 29 without a safety net.
Brexit headlines continue to drive GBP/USD action as the UK’s parliament continues to fracture.
With economic data on the lighter side, we can expect geo-politics to continue to take center stage, the Pound in desperate need of good news.
Investing.com – The dollar rose against its rivals Thursday as mostly bullish economic data reaffirmed investor expectations that the U.S. economy remains on solid footing, while a slump in the pound also lifted sentiment.
Prime Minister Theresa May’s handling of Brexit is rattling her cabinet, leading to resignations from many of her Conservative Party peers since the negotiations kicked off, as lawmakers are expressing their discontent with the way things were going.
The British pound is the major story for currency traders on Thursday as it tanks against it major rivals, amid further turmoil for U.K. Prime Minister Theresa May’s Brexit plan.
Investing.com - The U.S. dollar was higher on Thursday as jobless claims data remained in line with a strong economy, supporting a Federal Reserve rate increase.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.32% to 96.97 as of 10:40 AM ET (15:40 GMT).The number of people who filed for unemployment assistance in the U.S. rose by 2,000 to a seasonally adjusted 216,000 from the previous week’s total of 214,000. The numbers give support to the Federal Reserve gradually increasing interest rates. ...
News of the resignation of the U.K.’s Brexit secretary hits banks and smaller-company shares as the pound plunges and questions swirl over the future of the U.K.’s deal.
U.K. Prime Minister Theresa May will hold a news conference at 12 p.m. Eastern, 5 p.m. local, amid escalating Brexit turmoil, according to multiple local reports. After May said she had secured cabinet backing for a draft Brexit deal on Wednesday, U.K. assets rallied as investors breathed a sigh of relief, just to be met with a slew of resignations, including Brexit Secretary Dominic Raab, on Thursday. Multiple calls for a vote of no confidence for May's embattled premiership also surfaced on Thursday. The British pound , in response, was logging its worst one-day drop since Oct. 2016, according to Dow Jones Data Group last buying $1.2749, down 1.8%. The British stock benchmark FTSE 100 was meanwhile down 0.6% .
Brexit may be off and the resulting dominoes could spell the end of the European Union and much worse, analysts warn.
There have been six cabinet members resign from the Teresa May administration in London over the Brexit deal in the last 24 hours. In other words, it looks as if the British are trying to shoot themselves in the foot yet again. The currency market of course obliges this type of behavior was selling the pound.
Amid a new flurry of resignations on Thursday, Prime Minister Theresa May and her Brexit plans are vulnerable, throwing the British pound into a spiral lower as uncertainty looms.