Boris Reiterates Desire to Leave on October 31st

26th June 2019 Market Update

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🇬🇧 GBP –  Renewed fears of a no-deal Brexit dragged the pound lower yesterday after it made a new one month high versus the dollar. PM candidate, Boris Johnson, reiterated his previous pledge to leave the EU on October 31st. Jeremy Hunt, on the BBC, tried to reassure voters that he would be able to get a new Brexit deal from the EU due to his personality.

In focus today will be a press conference by Governor Mark Carney as well as the Bank of England quarterly report hearings.

🇪🇺 EUR – The euro fell off its three-month high versus the dollar yesterday. The move however seems more down to an appetite for the dollar than it seems weakness in the euro itself.

No data due out today.

🇺🇸 USD –  Dollar appetite renewed yesterday as Fed members including Jerome Powell made a less dovish statement and suggested there wouldn’t be a need for an immediate rate cut.

In focus today will be durable goods orders which are forecasted to increase by 0.2% in May. Dollar demand could remain upbeat should the data come in positive

 

Summary:

GBP: Sterling drops on renewed no deal Brexit fears
EUR: Euro marginally off 3 month highs versus dollar
USD: Powell suggests no need for immediate rate cut


 

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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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