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
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
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
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN +0.27% #BITCOINCASH +0.49% #ETHEREUM +0.21% #RIPPLE +0.49% #LITECOIN +0.38%
  • The Nasdaq 100 just pulled back near an important area of big-picture support via the top of the decade-long channel it left behind back in July. Get your #Nasdaq technical analysis from @PaulRobinsonFX here:https://t.co/XhipuEMhyN https://t.co/BhSnsxU4IJ
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.06% 🇯🇵JPY: -0.41% 🇪🇺EUR: -0.41% 🇨🇦CAD: -0.61% 🇳🇿NZD: -1.30% 🇦🇺AUD: -1.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kCInf1EbdQ
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -1.05% Gold: -2.02% Silver: -6.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YRqYY2B6Ui
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.16%, while traders in NZD/USD are at opposite extremes with 63.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qnPrjK4cau
  • The USD/CAD breakout is now approaching near-term uptrend resistance and while the broader outlook remains constructive, the bulls may be vulnerable here. Get your $USDCAD technical analysis from @MBForex here: https://t.co/Bdr4y9lTJv https://t.co/kjg9w2JkLq
  • US Equities Update (Wednesday Close): $DJI -1.92% $SPX -2.37% $NDX -3.16% $RUT -3.04% $VIX +7.86%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: -0.03% Wall Street: -0.03% Germany 30: -0.87% FTSE 100: -0.88% France 40: -0.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Je9EmV34kz
  • Looks like we got everyone's view on it: https://t.co/Y0zskurvsB
  • Commodities Update: NYM WTI Crude 39.83 (+0.08%), ICE Brent Crude 41.69 (-0.07%), NYM NYH Gasoline 117.81 (+1.19%). [delayed]
Brexit Briefing: British Pound Rallies as Bankers' Brexit Fears Recede

Brexit Briefing: British Pound Rallies as Bankers' Brexit Fears Recede

2017-10-30 16:48:00
Martin Essex, MSTA, Analyst
Share:

Talking Points

- The British Pound is climbing at the start of the new week as bankers rethink their Brexit plans.

- This Thursday’s Bank of England meeting remains the primary focus of Sterling traders but the Brexit clock continues to tick in the background.

What Does the Fourth Quarter Hold for the Pound, Equities, Oil and Other Key Markets? Find out here

The Pound is rallying Monday ahead of this week’s crucial Bank of England policy meeting Thursday at which it is widely expected to increase UK interest rates. Meanwhile, the UK currency is benefiting from a rethink by some bankers about their post-Brexit plans, potentially lessening fears that the City of London will decline as a major global financial center once the UK leaves the European Union.

Swiss bank UBS said last week that its previous plan to relocate 1,000 bankers out of London in response to Brexit is “more and more unlikely” and the Financial Times reported that it could move as few as 250 people. On Monday, it was joined by HSBC, with the bank’s finance director saying that post-Brexit it may move fewer than 1,000 jobs to Paris – a number it had previously pointed to.

Others also seem to be softening their previous positions. The chief executive of Goldman Sachs, Lloyd Blankfein, said on Twitter on Monday that GS is still investing in its big new European headquarters in London and is “expecting/hoping to fill it up” although he added that Brexit leaves “so much outside our control”. Last week, Michael Bloomberg told The Times that “Brexit isn’t smart but London will remain Europe’s financial capital”.

Near term, this is all less important for the Pound than the UK interest rate outlook. However, it does mean that Brexit could be less damaging for the currency than some analysts once suggested.

Chart: GBP/USD Five-Minute Timeframe (October 27 – 30, 2017)

Brexit Briefing: British Pound Rallies as Bankers' Brexit Fears Recede

Chart by IG

On the political front, UK Prime Minister Theresa May’s spokesman said Monday that she will discuss preparations for Brexit with her top cabinet ministers Tuesday.

Markets

Brexit Briefing: British Pound Rallies as Bankers' Brexit Fears Recede

Upcoming UK/EU Event Risk (October 31, 2017, All Times GMT)

Brexit Briefing: British Pound Rallies as Bankers' Brexit Fears Recede

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

For help to trade profitably, check out the IG Client Sentiment data

And you can learn more by listening to our regular trading webinars; here’s a list of what’s coming up

Check out our Trading Guides: Several new ones are now available including Forex for Beginners, Building Confidence and Traits of Successful Traders

Like to know about the Traits of Successful Traders? Just click here

Or New to Forex? That guide is here

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

DISCLOSURES