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The Sterling Pound Falls as UK Faces Tumult

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USD

On Monday, the Greenback edged higher vs. a basket of major currencies as U.S. yields rose and with traders regionally welcoming comments from leaders in Manila at the annual ASEAN summit on trade prospects. However, the main trader focus was still on the US tax proposal.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.19 at 94.575 pips.

EUR

The Single currency fell as much as 0.22% vs. the U.S. dollar with EUR/USD at $1.1641. No major reports are due from EU today.

GBP

The Sterling pound fell dramatically by 0.83%, with GBP/USD at $ 1.3084, on reports Conservative Party MPs are ready to challenge Theresa May's leadership, while Brexit talks face a crucial deadline. Brexit minister David Davis said on Sunday that Britain will not offer a figure or a formula for how much it believes it owes the European Union, highlighting the lack of progress plaguing the divorce negotiations.

JPY

Against the JPY, the Greenback fell as much as 0.05% at 113.50 yen. On the release front, markets are awaiting BOJ Governor Speech, which is expected to mention the monetary policies in Tokyo.

Gold

Gold prices rose as Philadelphia Federal Reserve Bank President Patrick Harker said yesterday that the U.S. central bank did not have to omit many of the monetary policy accommodation before it returned to a neutral stance. Gold Futures - Dec 17 (GCZ7) rose as much as 0.21%, to settle at $1,276.91. Traders are awaiting the Central Bank Communications Conference, with a panel discussion involving the heads of the European, U.S., British and Japanese central banks in the spotlight.

Oil

Earlier today, oil prices declined from their strongest level in more than two years amid expectations that U.S. producers will work up output to take advantage of the recent rally.

Crude Oil WTI Futures - Dec 17 (CLZ7) fell as much as 0.02% to settle at $ 56.73 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.08% at $63.47.

Economic Calendar (all times in GMT)

  • JPY BOJ Governor Kuroda scheduled to speak in Zurich: (GMT 17:45) – Important

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