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Pound Fluctuates as UK Supreme Court Rules Against Government

Pound News: Sterling Jumps as Supreme Court Rules against Government’s Prorogation

The Pound advanced against most major rivals yesterday following a unanimous ruling from Britain’s Supreme Court that the government’s prorogation of parliament was unlawful. Due to the ruling, hopes are now rising for MPs to take  action to prevent a no-deal Brexit.

Parliament is expected to reconvene today, so Pound investors will be bracing for another week of potential Brexit chaos and UK political uncertainty.

 

Euro News: German Recession Fears Persist as Businesses Expect Further Slowdown

The Euro struggled yesterday as the latest German business confidence data from Ifo showed that businesses were expecting a further slowdown in the Eurozone’s biggest economy. This deepened concerns for Germany’s economic outlook.

Today’s French consumer confidence and jobseekers reports may not have much impact on Euro movement. Investors will be awaiting key German consumer data tomorrow, and overall Eurozone confidence data on Friday.

 

US Dollar News: USD Weaker amid Rising Risk-Sentiment

A combination of Brexit hopes and global trade hopes left the safe haven US Dollar one of the less appealing major currencies yesterday. US-China trade talks are reportedly making progress and oil supply concerns are easing, and these factors boosted trade sentiment.

US new home sales stats will be published this afternoon, but US Dollar investors may await tomorrow’s key US growth data before making big moves on the currency.

 

Canadian Dollar News: Tumbling Oil Prices Keep CAD Weak

The Canadian Dollar was unable to benefit from yesterday’s higher trade-sentiment as the oil-correlated currency fell alongside oil prices. As concerns about Saudi Arabia’s oil supplies softened, oil prices tumbled.

No notable Canadian data will be published until tomorrow’s average weekly earnings stats, leaving CAD to react to shifts in oil prices and trade-sentiment.

 

Australian Dollar News: Reserve Bank of Australia (RBA) Interest Rate Cut Bets Lighten

Since last week, many investors had been increasingly expecting the Reserve Bank of Australia (RBA) to cut Australia’s interest rates as soon as its upcoming October policy decision. However, RBA Governor Philip Lowe failed to signal that a rate cut was imminent at a speech yesterday, and as a result bets lightened and the Australian Dollar avoided losses against Sterling.

No more notable Australian news is expected this week. As a result, the currency will be driven by continued RBA speculation and trade sentiment.

 

Upcoming Data

Wednesday, 25th September

07:45    French Consumer Confidence

11:00    French Jobseekers Report

11:00    UK CBI Distributive Trades

15:00    US New Home Sales

 

Alastair Archbold
Currency Trader
T: 01442 892 062

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