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Theresa May Comments Continue Driving Currency Market Movement

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

Sterling


GBP/USD 1 Week Chart

The Pound (GBP) continued reeling from Theresa May’s comments over the weekend as they appeared to signal that Britain will be headed for a ‘hard Brexit’.
The Prime Minister said she was not interested in keeping ‘bits of the European Union’, which traders interpreted as an intention to leave the single market. This led many investors to flee Sterling as they fear the impact that ‘Brexit’ will have on the UK economy.

Euro

The Pound Euro (EUR) exchange rate fell by over a cent on Monday, reaching a new two-month low as investors reacted negatively to May’s comments over ‘Brexit’.

Meanwhile, the single currency was also strengthened by some upbeat data releases, with the German Trade Balance rising from €19.4bn to €22.6bn in November, outpacing expectations that it would rise to €20.3bn. Eurozone Investor confidence also rose, jumping from 10 to 18.2 in January and beating predictions it would only rise to 12.8.

US Dollar

‘Cable’ also fell by over a cent yesterday but appeared to stabilise in the afternoon after a Downing Street spokeswoman told the media that everything was still on the table and that the Prime Minister would attempt to get the best deal for Britain.

The US Dollar (USD) was also tempered by growing uncertainty over incoming President Donald Trump’s as his continued endorsement of Russian President Vladimir Putin and stance on the One China Policy could signal a significant shift in US foreign policy under his term.

Canadian Dollar

Sterling fell by almost two cents against the Canadian Dollar (CAD) on Monday following May’s comments on ‘Brexit’. The ‘Loonie’s’ gains were spurned in the evening however as oil prices plummeted following a rise in Iraqi crude exports, which pressured OPEC’s production cut agreement.

Australian Dollar

The Pound Australian Dollar (AUD) exchange rate plummeted by over three cents at the start of the week, reaching close to a two-month low as Theresa May’s remarks caused Sterling sentiment to sour.

The ‘Aussie’ was also bolstered by a rise in commodity prices, particularly in iron ore, as speculation over Chinese steel futures continued to defy data.

New Zealand Dollar

The GBP NZD exchange rate painted a similar picture on Monday as it also fell by over three cents due to ‘Brexit’ anxiety, while also being strengthened by a lift in commodity prices.

TorFX Author: TorFX

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