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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

2016-10-11 23:52:00
Ilya Spivak, Head Strategist, APAC
Share:

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

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

Westpac Consumer Conf Index (OCT)

102.4

-

101.4

23:30

AUD

Westpac Consumer Conf SA (MoM) (OCT)

1.1%

-

0.3%

23:50

JPY

Machine Orders (MoM) (AUG)

-2.2%

-4.7%

4.9%

23:50

JPY

Machine Orders (YoY) (AUG)

11.6%

7.9%

5.2%

00:30

AUD

Credit Card Purchases (AUG)

-

A$23.6b

00:30

AUD

Credit Card Balances (AUG)

-

A$51.3b

01:30

JPY

BOJ’s Harada Gives Speech in Matsumoto

-

-

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

06:00

EUR

German Wholesale Price Index (MoM) (SEP)

-

-0.7%

Low

06:00

EUR

German Wholesale Price Index (YoY) (SEP)

-

-1.2%

Low

06:00

JPY

Machine Tool Orders (YoY) (SEP P)

-

-8.4%

Low

07:30

CHF

SNB's Zurbruegg Speaks in Zurich

-

-

Low

09:00

EUR

Eurozone Industrial Production (MoM) (AUG)

1.5%

-1.1%

Medium

09:00

EUR

Eurozone Industrial Production (YoY) (AUG)

1.5%

-0.5%

Medium

09:00

CHF

Credit Suisse ZEW Survey Expectations (OCT)

-

2.7

Medium

09:00

GBP

BOE’s Cunliffe Speaks in Parliament

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0896

1.0989

1.1021

1.1082

1.1114

1.1175

1.1268

GBP/USD

1.1624

1.1910

1.2017

1.2196

1.2303

1.2482

1.2768

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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