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Pound Plummets as Reports Suggest UK Could Give Up on Brexit Talks

Pound News: Fresh No-Deal Brexit Fears Hit UK Headlines

The Pound was hit by a new round of no-deal Brexit fears today. Reports emerged that suggested Britain’s government could be close to ‘giving up’ on a UK-EU Brexit deal. Some analysts suggested it is just a negotiation tactic, but the Pound tumbled regardless.

The Confederation of British Industry (CBI) will publish its latest industrial trends data tomorrow. The data could give markets a better idea over how Britain is weathering the coronavirus pandemic.

 

Euro News: EU Recovery Fund News Supporting EUR Resilience

After some profit taking yesterday, the Euro recovered and climbed to a 21-month high against the US Dollar as news of the agreed EU recovery fund continued to bolster market support for the shared currency.

German and Eurozone consumer confidence data are due for publication tomorrow. If the data beats forecasts it will mean further resilience in already strong Euro exchange rates.

 

US Dollar News: Lack of US Economic Optimism Weighing on USD’s Appeal

A rise in hopes for US fiscal stimulus to be agreed earlier in the week was brief. Analysts expect disagreement between US Republicans and Democrats will keep the US from announcing new stimulus, and surging coronavirus cases in the US continue to concern US Dollar investors.

Developments over the US coronavirus situation continues to take focus for USD investors. If the government shows signs of stronger action, the US Dollar’s appeal as a safe haven could be restored.

 

Canadian Dollar News: CAD Recovers Losses as Oil Prices Climb

The Canadian Dollar has seen stronger demand since yesterday. Optimistic developments in the global coronavirus situation left oil prices recovering, helping the commodity-linked ‘Loonie’ claw back this week’s losses against Sterling

This week’s Canadian economic calendar is quiet, which means the Canadian Dollar will continue to react to developments in the coronavirus pandemic and oil prices.

 

Australian Dollar News: ‘Aussie’ Surge Leaves GBP/AUD at 12-Month Low

The Pound to Australian Dollar exchange rate continued to slump today, hitting its worst levels in a year. Investors are buying the Australian Dollar amid this week’s optimistic coronavirus developments and surprisingly hawkish Reserve Bank of Australia (RBA) comments.

Australian building and export data will be published during tomorrow’s Asian session. While this could cause some movement, ‘Aussie’ movement will remain driven by coronavirus and risk developments.

 

Upcoming Data

 

Thursday, 23rd July

07:00    German GfK Consumer Confidence

07:45    French Business Confidence

11:00    UK CBI Reports

15:00    Eurozone Consumer Confidence

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