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Davis resigns and the pound will not be moved

6th July 2018 Market Update

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🇬🇧 GBP – In the immediate aftermath of David Davis’ resignation, the pound seems to be coping. He resigned following the cabinet’s meeting at Chequers last week and his discomfort in backing Theresa May’s “soft Brexit” plan.

At 09:00 today the new Brexit minister will be announced, other than any further ministerial fallout there is no market releases today from the UK.

🇪🇺 EUR – Investor confidence is to be released for Europe today, it is expected to be slightly lower than the previous figure.

🇺🇸 USD – Following Friday’s quite disappointing unemployed rate reading, the dollar lost ground.

Today there will be no economic releases from the States.

 

Key Announcements

🇬🇧 GBP
09:00am: New Brexit minister announced

🇪🇺 EUR
09:30am: Investor confidence –– expected to fall slightly

 

Summary: Last week the pound steadily pushed higher against the dollar but was pretty flat against the euro. The dollar also lost some ground against the euro. Lots of news last week but we had nothing to get excited about, Friday saw the release of non-farm payrolls which was higher than expected but the unemployment rate in the states was much worse than expected.
 
News out late last night that the Brexit minister David Davis has resigned signals a difficult week for the pound.

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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