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Pound Plummets After May’s EU Comments

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD

Sterling



GBP/USD 1 Week Chart

The Pound (GBP) tumbled this morning following comments from Prime Minister Theresa May over the weekend.
May said on Sunday that she wasn’t interested in keeping ‘bits of membership of the EU’ as she doubled down on her commitment to control immigration from Europe. Investors have taken this as a sign that the UK government will not attempt to retain access to the single market after ‘Brexit’.

Euro

The Pound Euro (EUR) exchange rate fell by around a cent to a new two-month low this morning as markets reacted negatively to May’s comments on Sunday.
The single currency was also bolstered by Germany’s latest Balance of Trade report as figures showed that Germany’s trade surplus rose from €19.4bn to €22.6bn in November, outpacing expectations that it would rise to €21.4bn.

US Dollar

‘Cable’ also fell to a two-month low today, softening by around a cent as it was battered by both Theresa May’s EU comments and positive wage growth in the US.
The US Dollar (USD) continues to be strengthened by data released on Friday as wages grew faster than expected in December, jumping from 2.5% to 2.9%, accelerating at the faster rate since 2009 and increasing the odds of multiple interest rate hikes in 2017.

Canadian Dollar

Sterling fell against the Canadian Dollar (CAD) today as traders interpreted the Prime Minister comments over the weekend as an indication that the UK government would not seek access to the single market post-‘Brexit’.
Meanwhile the ‘Loonie’ continues to be bolstered by rising oil prices as markets remain optimistic that OPEC’s production cut agreement will hold and that it will have a notable impact on crude stockpiles.

Australian Dollar

The Pound slumped against the Australian Dollar (AUD) on Monday as Sterling sentiment was soured by remarks that suggest Britain may lose access to the single market.
The ‘Aussie’ was also helped by a slight uptick in commodity prices as iron ore began to rally from Friday’s lows, climbing 1.65% to $76.98 a tonne.

New Zealand Dollar

The Pound New Zealand (NZD) exchange rate nose-dived this morning, falling nearly two cents as traders fled GBP due to new ‘Brexit’ anxieties.

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