We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/g7iT8bpi7f
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/d3OFc4yGao #tradingstyle https://t.co/wQ1MAkOb0n
  • The UK population voted the Conservative government back in with a strong majority, giving PM Johnson the backing to push Brexit through. And Sterling (GBP) likes it. Get you $GBPUSD market update from @nickcawley1 here: https://t.co/tjCHWDxoWm https://t.co/Z7Vaadxy5r
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your $gld markets news from @IlyaSpivak here:https://t.co/4lHhHsby56 https://t.co/zF4EyLIRWM
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/tcjkQnaBWl
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/bDXG2dV3wG
  • The US Dollar technical outlook against the Euro, British Pound, Australian Dollar and New Zealand Dollar are discussed. Large wicks left signs of indecision, will reversals follow? $EURUSD $GBPUSD $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/15/US-Dollar-Technical-Outlook-EURUSD-GBPUSD-AUDUSD-NZDUSD.html?CHID=9&QPID=917702 https://t.co/dpuIppxo3F
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/y3cckNW22W https://t.co/vUQyVl6b0e
  • Growth linked currencies have gained as investors hope for progress on the trade front as well as stimulus from the Fed. The global economy however remains depressed and seems likely to remain so. Get your market update from @DavidCottleFX here: https://t.co/jt1HH9AHLM https://t.co/Yz65AMJYlm
  • RT @YuanTalks: #China temporarily suspend additional tariffs of either 10% or 5% on some #US goods scheduled to take effect on Dec 15, said…
Brexit Briefing: Britsh Pound Uncertainty is Certain

Brexit Briefing: Britsh Pound Uncertainty is Certain

2017-03-01 16:50:00
Oliver Morrison, Analyst

Talking Points:

- GBPUSD drops to six-week low on poor manufacturing PMI.

- UK household borrowing also falls for 2nd month in a row, meaning BoE will be in no mood for rate rise.

- PM May faces Brexit Bill defeat in Lords.

See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The British Pound came under selling pressure Wednesday – with GBPUSD dropping below 1.2400 for the first time since mid-January after growth in the UK manufacturing sector slowed more than expected in February. The UK manufacturing PMI dropped to a three-month low of 54.6, missing expectations of a fall to 55.7.

Growth was still well above the sector's long-term average of 51.6, and the survey still suggests that the sector carried a decent amount of momentum into 2017, with IHS Markit, which carried out the survey, pointing to "solid growth of production and new orders during February”.

But economists are warning that the fall in the overall new orders balance, from 57.4 to 56.3, is another warning sign that domestic demand has weakened significantly due to the impact of price rises from the weaker post-Brexit Pound.

It’s a similar story with Wednesday’s data on UK household borrowing released by the Bank of England. Mortgage approvals for new house purchases rose from an upwardly revised 68,266 in December to 69,928 in January, above the consensus forecast of an increase to 68,650. That’s the fifth monthly rise in a row, and also higher than the average level of 68,700 seen in the six months prior to the Brexit vote.

But the BoE reported that overall household borrowing fell for a second month straight for the first time since 2012. Coming on the back of Bank of England Governor Mark Carney’s recent comments about wanting to see British consumers either reign in their spending or keep up borrowing to ward off rising prices, it’s a reminder it’s in no mood to alter its stance on keeping interest rates low before Brexit uncertainty subsides.

That’s not good news for Sterling, which on Wednesday dropped to a six-week low of 1.2280 versus the Dollar (with the Greenback buoyed by the prospect of a US rate hike) and the Euro (with the single currency pepped up by higher inflation in Germany).

It’s also more bad news for PM Theresa May, who is facing the prospect of her first Brexit Bill defeat in the House of Lords. Opposition Labour peers reportedly believe they have enough numbers to amend the bill to guarantee the rights of migrants from the EU who are living in the UK. It doesn’t mean the defeat of the Bill, which will enter the so-called ‘ping pong’ period between the two houses in Parliament. May is likely to use her majority in the House of the Commons to vote down the amendment. But the House of Lords defeat brings more Brexit uncertainty, which equals more Sterling uncertainty.

Brexit bill timeline:

March 1

This begins the committee stage, when proposed amendments are discussed in more detail.

March 7

The peers debate the final wording of the bill and vote on any possible amendments. These amendments go back to the House of Commons for its approval. The bill is passed back from house to house – the so-called ‘ping-pong’ period until they both agree on the details of the bill.

There is no exact timeline for this, though the Lords expects to send the bill to the Commons for the final time on the week of March 13. The government has said it expects to trigger the Article 50 formal departure by the end of March.


Index / Exchange Rate

Change (Exchange Hours/GMT Session Rollover)

Market Close/Last

FTSE 100
















Date, Time (GMT)



UK PMI Construction – Feb

March 2, 0930



UK PMI Services – Feb

March 3, 0930



--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.