Author Topic: Pound Up on Hopes for Easier Brexit Path  (Read 133 times)


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Pound Up on Hopes for Easier Brexit Path
« on: September 08, 2018, 09:39:12 am »
Pound Up on Hopes for Easier Brexit Path

The Pound Sterling crawled higher during Thursday's trading session in London but is still far off yesterday's session peak. As usual, Brexit worries have contained any possible gains even as trade war concerns have suppressed investors' risk appetite. On Wednesday, it was reported that both the British and Germany governments had agreed to abandon specific Brexit-related demands which could now make the path toward a soft Brexit significantly improved. That helped to push the Pound to a 3-day peak though later news out of Germany, that every scenario including a no-deal Brexit, was being considered kept the Pound from advancing further.

As reported at 11;23 am (BST) in London, the GBP/USD was trading at $1.2933, up 0.22%, well away from the $1.2983 struck yesterday; the pair has ranged from a trough of $1.2897 to a peak of $1.2945. The EUR/GBP was trading at 0.8987 Pence, down 0.27% and just off the session low of 0.8982 Pence while the high is recorded at 0.9019 Pence.

Trade War Worries Grow
Trade war worries put a dent in risk sentiment after the US President threatened Beijing with more tariffs on imports from China. The Chinese government responded in kind, saying retaliation would be necessary if the US did implement any new trade restrictions. The USD/JPY was trading at 111.2900 Yen, down 0.22% and off the session peak of 111.5300 Yen.

« Last Edit: September 08, 2018, 09:54:44 am by FXshooting »

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