News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
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
Wall Street
Mixed
Gold
Bearish
Low
High
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Spanish health minister says the government recommends a total lockdown in Madrid
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇦🇺AUD: 0.02% 🇯🇵JPY: -0.05% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.22% 🇬🇧GBP: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/37yFAZ530P
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/Fa4sDLIjww
  • 🇫🇷 Unemployment Benefit Claims (AUG) Actual: -171K Previous: -172.2K https://www.dailyfx.com/economic-calendar#2020-09-25
  • $GBP https://t.co/Gl9Hkc0nTr
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.12% US 500: -0.13% FTSE 100: -0.17% France 40: -0.95% Germany 30: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QPuCenpW2J
  • Heads Up:🇫🇷 Unemployment Benefit Claims (AUG) due at 10:00 GMT (15min) Previous: -172.2K https://www.dailyfx.com/economic-calendar#2020-09-25
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/ImXreWFFFY
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/SbVPuUmpTU
  • 🇮🇹 Consumer Confidence (SEP) Actual: 103.4 Expected: 100.8 Previous: 101.0 https://www.dailyfx.com/economic-calendar#2020-09-25
Brexit Briefing: GBP Drifts Lower as Triggering of Article 50 Nears

Brexit Briefing: GBP Drifts Lower as Triggering of Article 50 Nears

2017-03-22 14:55:00
Nick Cawley, Strategist
Share:

Talking Points

- GBPUSD giving back some of Tuesday’s inflation-driven gains.

- EU divorce talk to harden next week.

- 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 is back under pressure Wednesday with one week left until UK PM Theresa May triggers formal proceedings for the UK to leave the European Union. The pound, one of the best performing currencies since last week’s FOMC meeting, is back below 1.24400 and giving back some of Tuesday’s gains. GBPUSD jumped yesterday after UK inflation spiked to 2.3%, up from 1.8% in the previous month, as traders start to mull higher UK rates.

Chart: GBPUSD One –Hour Timeframe (March 16 – March 22, 2017).

Brexit Briefing: GBP Drifts Lower as Triggering of Article 50 Nears

Chart by IG

And the pressure on sterling is unlikely to abate as formal Brexit negotiations draw near. Both sides are expected to lay out their toughest arguments as proceedings start before compromise sets in further down the track. The EU negotiators are expected to re-iterate their unwavering commitment to the ‘four pillars’, the single-bloc’s four key principles, while the UK will repeat that it wants complete control over movement from the EU while keeping full and free access to the trading block.

European Council President Donald Tusk said yesterday the EU leaders will meet on April 29 to discuss their Brexit guidelines.

During a press conference in Brussels, Tusk said that he wished that the UK hadn’t chosen to leave the EU. “But the majority of British voters decided otherwise,” before adding “Therefore we must do everything we can to make the process of divorce the least painful for the EU.”

Upcoming GBP Event Risk

Events

Date, Time (GMT)

Forecast

Previous

UK Retail Sales Y-o-Y(Feb)

March 23, 0930 GMT

2.60%

1.50%

UK M4 Money Supply M-o-M (Feb)

March 29, 0930 GMT

0.90%

UK Gross Domestic Product Y-o-Y Q4

March 31, 0930 GMT

2.0%

2.0%

Markets

Index / Exchange Rate

Change (Exchange Hours/GMT Session Rollover)

Market Close/Last

FTSE 100

-0.91%

7,312.00

DAX

-0.56%

11,895

GBP/USD

-0.25%

1.2440

EUR/USD

-0.01%

1.0805

EUR/GBP

0.24%

0.8683

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@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.

DISCLOSURES