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Australian Dollar Threatens $0.73; Pound Plunges as Brexit Secretary Resigns

The Australian dollar is benefitting from disarray in Europe and upbeat employment data. The day’s biggest news comes from Europe, though, where the British pound suffered one of its largest intraday declines in recent years following the resignation of the UK’s chief Brexit negotiator.

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  Australian dollar, British pound news and forecast Brexit Dominic Raab

The Australian dollar again threatened $0.73 on Thursday, boosted by a jobs report that showed a 100 percent increase in full-time hires for the month of October. A slight pullback from $0.7298 to $0.7265 by midday in London left the Aussie worth 2.7 percent more than its value on November 1st.

The $0.73 level, it now appears, marks short-term resistance in AUD/USD, given failed tests of the same level on November 7th and November 8th.  Who, though, would bet against an imminent breach of $0.73, given bullish technical conditions, Thursday’s upbeat data and disarray in Europe—the latter affording Australia the status of a safer, better alternative for capital?

In European news, the British pound has suffered one of its largest intraday declines in recent years. In three depressing hours, beginning at 7:30am in London, sterling slumped from $1.3023 to $1.2750; it did so following news that yet another Brexit Secretary (effectively the UK’s chief Brexit negotiator) has resigned in protest against Prime Minister May’s proposed Brexit deal with the European Union.

It appears highly unlikely that the 585-page draft agreement will make it through Parliament and that would leave Britain heading back to the drawing board, with only 4 1/2 months until its scheduled exit from the EU. A “no deal” Brexit would likely see the pound trade back towards the low $1.20s.

Like everything else, the Australian dollar soared against the pound; it now buys £0.569 for the first time since late August. The euro buys £0.885; it lost only half a cent against the US dollar, to $1.1310.

An $800 decline in bitcoin is now a $900 one, with prices on Bitfinex reaching a fresh 1-year low on Thursday of $5,550.

 

 

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