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Pound Soars as Hard Brexit Fears Recede, US Dollar Aims Higher

Pound Soars as Hard Brexit Fears Recede, US Dollar Aims Higher

Talking Points:

  • Pound soars as UK PM May agrees Parliament to approve Brexit plan
  • “Hard Brexit” risk moderating as majority of MPs seen as EU-friendly
  • US Dollar may rise as FOMC meeting minutes boost rate hike outlook

The British Pound soared amid ebbing “hard” Brexit fears following reports that UK Prime Minister Theresa May accepted that Parliament will vote on her plan for the separation from the European Union. More than half of MPs are seen as relatively pro-EU and their involvement may mean that a harsh rupture that shuts the UK out of the UK single market will be avoided. Fears of such an outcome emerged after the Conservative Party Conference last week.

Looking ahead, a relatively quiet economic calendar in European trading hours is likely to put the spotlight on the release of minutes from September’s FOMC policy meeting. Officials said the case for a rate hike has increased and hinted that tightening could commence if economic conditions remain unchanged from their present path. A hawkish document bolstering conviction in the proximity of stimulus withdrawal is likely to broadly boost the US Dollar. The greenback retraced overnight following yesterday’s rally.

Where are financial markets heading in the fourth quarter? See our forecast and find out!

Asia Session

23:30AUDWestpac Consumer Conf Index (OCT)102.4-101.4
23:30AUDWestpac Consumer Conf SA (MoM) (OCT)1.1%-0.3%
23:50JPYMachine Orders (MoM) (AUG)-2.2%-4.7%4.9%
23:50JPYMachine Orders (YoY) (AUG)11.6%7.9%5.2%
00:30AUDCredit Card Purchases (AUG)-A$23.6b
00:30AUDCredit Card Balances (AUG)-A$51.3b
01:30JPYBOJ’s Harada Gives Speech in Matsumoto--

European Session

06:00EURGerman Wholesale Price Index (MoM) (SEP)--0.7%Low
06:00EURGerman Wholesale Price Index (YoY) (SEP)--1.2%Low
06:00JPYMachine Tool Orders (YoY) (SEP P) --8.4%Low
07:30CHFSNB's Zurbruegg Speaks in Zurich --Low
09:00EUREurozone Industrial Production (MoM) (AUG)1.5%-1.1%Medium
09:00EUREurozone Industrial Production (YoY) (AUG)1.5%-0.5%Medium
09:00CHFCredit Suisse ZEW Survey Expectations (OCT)-2.7Medium
09:00GBPBOE’s Cunliffe Speaks in Parliament--Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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