Sterling Falls for 13th Consecutive Day

22th May 2019 Market Update

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🇬🇧 GBP –  Sterling finished lower again yesterday – extending its 13-day losing streak. There was a signs of potential bounce back in the afternoon when PM May offered MP’s to vote on holding a 2nd referendum. However the bullish sentiment on the pound was very short lived with gains quickly erased and the pound continuing its downward spiral

Rumours overnight, according to BBC political editor Laura Kuenssberg, suggest that things have got worse for the PM overnight, with a new push to oust Theresa May as soon as possible. As a result, the pound has made a new low this morning.

Today the PM will be addressing the commons with her new Brexit bill ahead of Prime Ministers question time.

In terms of economic data, inflation figures are due out at 9.30am with analysts expecting a 2.2% hike in prices from a previous figure of 1.9%, which could well halt some of the sterling’s drop.

🇪🇺 EUR – Over in the eurozone there was very minimal news flows yesterday as markets remain focused on the Brexit and political situation in the UK.

No data out today either.

🇺🇸 USD –  We had little data out from across the pond yesterday to spark any movement however trade war fears still continued to push the dollar higher as well as higher U.S. Treasury yields helping the move.

FOMC minutes will be published this evening with markets tuning in to see the Fed likely next move will be with regards to their interest rate cycle.

 

Summary:

GBP: New move to oust the PM ASAP
EUR: Limited data yesterday
USD: Trade war fears drive dollar higher


 

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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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