Forex - Pound Jumps on May's Brexit Gamble; Service PMIs Eyed - Investing.com

Forex - Pound Jumps on May's Brexit Gamble; Service PMIs Eyed - Investing.com
Forex - U.S. Dollar Rises, as Sterling, Turkish Lira Slump - Investing.com
Forex - Dollar Rises vs Pound, Euro as Hard Brexit Approaches - Investing.com
Forex - U.S. Dollar Falls on Weak Retail Sales - Investing.com
Forex - Dollar Pares Gains on Sterling Rebound After May Offers Cross-Party Talks - Investing.com

Posted: 02 Apr 2019 11:25 PM PDT

Investing.com -- The British pound is back at its highest levels in a week in early trading in Europe on Wednesday after signs of a possible breakthrough on Brexit

At 04:00 AM ET (0800 GMT), the pound was at $1.3186, up around 0.5% from late Tuesday levels. The traded at 0.8505 pounds, down some 0.3% from late on Tuesday.

U.K. Prime Minister Theresa May to opposition leader Jeremy Corbyn to ensure an orderly and negotiated departure from the European Union, rather than give in to lawmakers on her own side who are ready to accept the consequences of a disorderly Brexit without transitional arrangements.

Corbyn's position is that a permanent customs union with the EU is a prerequisite for Brexit, representing the best guarantee that trade with the EU would continue without friction. May's own party, and May herself, have argued that it denies the U.K. an independent trade policy, one of the chief reasons for Brexit in the first place.

Nordea Markets analysts argued that the market is already pricing in a nine-month extension to the Brexit process, which leads them to believe that the risks to sterling are mainly downwards now.

"The GBP is though already close to fair value in case of a deal," wrote Andrea Steno Larsen and Morten Lund. "We believe that the GBP could weaken over the following 3-6 months" in the base case. In case of the 'no-deal' tail risk materializing, the euro could rise as high as 0.95, they added.

Meanwhile, the , which measures the greenback against a basket of six major currencies, was back down at 96.74, having risen as far as 97.08 before the news from London.

The dollar strengthened against the yen but fell against the and after fresh reports alleging progress in trade talks between the U.S. and China. News of a sharp rise in China's , which hit its highest level in 14 months, also supported risk appetite, raising hopes that the worst of China's slowdown is over.

Similar PMIs from Europe will offer the next test of sentiment toward the euro, with a reading for the due at 04:00 AM ET (08:00 GMT).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Forex - U.S. Dollar Rises, as Sterling, Turkish Lira Slump - Investing.com

Posted: 02 Apr 2019 08:11 AM PDT

Investing.com - The greenback was higher on Tuesday, despite a slowdown in durable goods spending, while sterling and the Turkish lira fell amid political uncertainty.

The , which measures the dollar's strength against a basket of six major currencies, rose 0.3% to 97.045 as of 11:11 AM ET (15:11 GMT).

Durable goods orders fell for the first time in three months, adding to signs that the slowdown in the U.S. economy at the end of last year could extend. Meanwhile, the International Monetary Fund said it expects 70% of the global economy will experience a slowdown as growth across the world losses momentum.

The dollar fell against the safe-haven yen, with slipping 0.1% to 111.28.

Elsewhere, the Turkish lira was under pressure as Washington announced it was halting F-35 fighter jet delivers to Turkey. The lira has been volatile after local elections on Sunday, with President Recep Tayyip Erdogan's ruling AK Party losing control of Istanbul and Ankara. jumped 2.8% to 5.6380.

Sterling slumped as Brexit uncertainty continues. Prime Minister Theresa May's government ministers are racing to figure out next steps as the U.K. Parliament has rejected May's EU Withdrawal Agreement three times and has failed to reach a consensus on any of the alternatives to May's deal. Meanwhile, a group of cross-party politicians are trying to garner enough support to get a bill passed in order to prevent a no-deal Brexit on April 12. was down 0.5% to 1.3032.

Elsewhere, rose 0.4% to 1.3362 and slipped 0.2% to 1.1191.

Forex - Dollar Rises vs Pound, Euro as Hard Brexit Approaches - Investing.com

Posted: 01 Apr 2019 11:49 PM PDT

Investing.com -- The dollar was close to its highest level in nearly three weeks in early trading in Europe Tuesday, as the rising likelihood of a disruptive and disorderly Brexit hit confidence in both the and .

At 03:00 AM ET (0700 GMT), the , which measures the greenback against a basket of six major currencies, was at 96.920, up some 0.2% from its closing levels on Monday.

The pound had fallen nearly a cent late Monday after lawmakers yet again voted down all proposed alternatives to the government's negotiated Withdrawal Agreement. By 03:00 AM ET, it had recovered a fraction to $1.3044.

The euro likewise fell under $1.12 for the first time in over three weeks after the round of voting, on fears that a hard Brexit could also badly hit the euro zone economy. Clemens Fuest, President of the Ifo research institute in Munich and a member of the German government's council of economic advisers, told the radio station Deutschlandfund on Monday that a hard Brexit "could be the straw that breaks the camel's back" and tips the German economy into recession. By 03:00 AM ET, it was at $1.1197.

Guy Verhofstadt, the EU parliament's Brexit coordinator, tweeted after the votes that a hard Brexit is now "nearly inevitable".

The U.K.'s government is set for a crisis meeting this morning in London that will decide whether or not to bring the thrice-rejected Withdrawal Agreement back to the House of Commons for yet another vote on Wednesday, or ask the EU for a lengthy extension to the Brexit deadline.

Elsewhere, the also fell against the dollar overnight after the Reserve Bank of Australia hinted at a future cut in interest rates, despite leaving them unchanged at its regular policy meeting earlier in the day. The Australian economy has slowed sharply in parallel with China's in recent months, but got a boost on Tuesday as rose at their fastest rate in five years.

Finally, the was at 5.5728 to the dollar by mid-morning in Istanbul, after swinging wildly through a 4% range in the previous 24 hours in the wake of Sunday's municipal election results.

Forex - U.S. Dollar Falls on Weak Retail Sales - Investing.com

Posted: 01 Apr 2019 07:53 AM PDT

Investing.com - The greenback fell slightly on Monday as retail sales fell unexpectedly.

The , which measures the dollar's strength against a basket of six major currencies, slipped 0.1% to 96.738 as of 10:53 AM ET (14:14 GMT).

The Commerce Department said retail sales dropped 0.2% in February due to weak sales of furniture, clothing, food and electronics and appliances. The drop in the data could reflect the fact that tax refunds have been smaller this year due to a revamped tax code in 2018.

The dollar rose against the safe-haven yen, with rising 0.3% to 111.17.

Elsewhere, the Turkish lira surged as the opposition party gained seats against President Recep Tayyip Erdogan's ruling AK Party. Early results show that the opposition has won the capital Ankara and has taken a lead in Istanbul.

fell 0.8% to 5.4847. The blow to Erdogan's leadership could lead to interest rate criticism as the country remains in a recession.

Sterling was higher as the Labour Party announced it is supporting the Common Market 2.0 amendment. The move raises the chances of the Brexit amendment passing and could serve as an alternative to Prime Minister Theresa May's draft plan with the European Union, although the votes are non-binding. was up 0.6% to 1.3112.

Elsewhere, inched up 0.1% to 1.3360 and rose 0.1% to 1.1220.

Forex - Dollar Pares Gains on Sterling Rebound After May Offers Cross-Party Talks - Investing.com

Posted: 02 Apr 2019 11:53 AM PDT

Investing.com - The U.S. dollar gave up some its gains against its rivals on Tuesday, pressured by a rebound in sterling.

The pound rose as worries over a no-deal Brexit eased. Prime Minister Theresa May said she would ask the EU for an extension to the Brexit deadline and offered cross-party talks with the leader of opposition, Jeremy Corbyn, to break the Brexit logjam.

The , which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.13% to 96.92, though it eased from session highs of 97.097.

With just 10 days to go until the EU's latest Brexit deadline on April 12, May pledged to ask the EU for an extension, but she stressed it would be "as short as possible," likely before May 22, to avoid the U.K. having to participate in European elections. The prime minister also gave assurances that she would agree a new plan with Corbyn and put it to a vote before April 10.

But May stressed that "any plan would have to agree the current Withdrawal Agreement," as it has already been negotiated with the 27 other members and the "EU has repeatedly said it cannot and will not be re-opened."

The withdrawal agreement includes the controversial Irish backstop, which has been the main reason the deal has been rejected by parliament on three separate occasions.

If the two party leaders are unable to reach a consensus on a way forward for Brexit, the prime minister said she would put forward a number of options to determine alternative paths to the U.K. leaving the EU.

The apparent olive branch from May comes just a day after U.K. lawmakers failed to reach a consensus on a way forward for Brexit.

rose 0.09% to $1.3114, moving sharply off lows of $1.3014.

The rebound in sterling pressured the dollar to give up some of its gains following softer durable goods orders data.

The Commerce Department said on Wednesday rose 0.1% in February, missing economists' forecasts for a 0.3% rise. The excluding aircraft, a closely watched proxy for business spending plans, fell 0.1% in February, but the prior month's orders were hiked up to a 0.9% rise, pointing to signs that businesses want to spend more, analysts said.

"The data suggests firms want to invest more, amid a favorable tax and regulatory backdrop, but there have been too many uncertainties to allow for a burst in capital expenditures, including government shutdown and tariff hikes," Amherst Pierpont Securities said. "If these question marks are resolved (and in ways that are not disastrous) soon, investment outlays will pick up again later in the year."

fell 0.13% to $1.1198 as weaker-than-expected euro area wholesale inflation data did little to lift the narrative of slowing economic growth in the trading bloc.

rose 0.35% to C$1.3352, though upside was limited as rising oil prices propped up the loonie.

rose 0.01% to Y111.36 as cautious sentiment on risk assets increased demand for the safe-haven yen.

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Forex - Pound Jumps on May's Brexit Gamble; Service PMIs Eyed - Investing.com

Forex - Pound Jumps on May's Brexit Gamble; Service PMIs Eyed - Investing.com

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