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Sterling Lifted by Passing of Brexit Repeal Bill

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

Sterling



GBP/USD 1 Week Chart

The Pound (GBP) strengthened against some of the other majors on Monday as the House of Commons voted in favour of the government’s Brexit repeal bill.

The bill will allow the government to transfer EU laws into British legislation, with markets hoping that this will help to avoid some confusion during the transition period.

Meanwhile Sterling may also be lifted this morning by the UK’s latest CPI figures, with an expected rise in inflation likely to place more pressure on the Bank of England (BoE) to raise interest rates.

Euro

The Pound Euro (GBP EUR) exchange rate climbed to a new three-week high yesterday as market reacted to the Brexit repeal vote.

Meanwhile the single currency was also weakened by comments European Central Bank (ECB) board member Benoit Coeure, who suggested that the bank’s monetary policy is likely to remain accommodative for a prolonged period of time.

However the Euro may rebound later this afternoon if ECB Vice President Vítor Constâncio strikes a more hawkish tone is his own speech.

US Dollar

Sterling is currently holding steady against the US Dollar (USD) as investor concerns over the impact of Hurricane Irma begin to recede.

However markets remained slightly wary towards the ‘Greenback’ as Pyongyang reacted angrily to the latest round of sanctions imposed by the UN, claiming that it would ‘make sure that the US pays due price’.

Meanwhile USD investors are likely to be focused on the latest JOLTs job figures later today, with an expected fall in job openings likely to weigh on the US Dollar.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate slipped by around half a cent yesterday afternoon as the ‘Loonie’ was strengthened by a surge in oil prices on hopes that US crude demand will begin to pick up as refineries in Houston come back online.

Australian Dollar

Sterling furthered its gains against the Australian Dollar (AUD) overnight on Monday as investors were left disappointed by the latest Australian Business Confidence figures, with NAB’s sentiment index plummeting from 12 to 5 in August, as firms worried over rising costs.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate was hit by further volatility on Monday as current polls project that neither Labour nor the National Party is likely to win an outright victory in the upcoming election.

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