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
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
  • German Bund Yields Update: 2-Year: -0.639% 3-Year: -0.651% 5-Year: -0.548% 7-Year: -0.480% 10-Year: -0.290% 30-Year: 0.228%
  • The $AUD erased half of November’s down move in a mere two days but the dominant trend bias continues to favor weakness ahead. Get your market update from @IlyaSpivak here:https://t.co/ShYksfNXyS https://t.co/OVhyNgLRn5
British Pound Slumps as Conservatives Splinter on Brexit Vote

British Pound Slumps as Conservatives Splinter on Brexit Vote

2016-02-21 23:28:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • UK PM Cameron Sets Brexit Referendum Date for June 23
  • Cabinet Splinters as Some Key Ministers Oppose Cameron
  • Pound Drops as London Mayor Johnson Backs Leaving EU

The British Pound dropped at the open of the trading week after leaders of the ruling Conservative party chose to support opposite sides in a referendum to decide whether the UK will stay or leave the EU (so-called “Brexit”). Prime Minister David Cameron hammered out a deal on updated membership terms at a summit of EU leaders in Brussels last week. He subsequently announced that the vote will be held on June 23, after presenting the terms of the accord to his cabinet on Saturday.

Mr. Cameron’s own inner circle has splintered on the issue. Justice Secretary Michael Gove, Work and Pensions Secretary Iain Duncan Smith, House of Commons leader Chris Grayling, Northern Ireland Secretary Theresa Villiers, Culture Secretary John Whittingdale and Employment Minister Priti Patel all support a UK exit from the regional bloc.

Selling pressure only reached fever pitch after Boris Johnson announced that he too would cast his vote in favor of leaving the EU and actively advocate for the pro-Brexit campaign. The London Mayor is one of the UK’s most popular politicians, with a recent poll showing he is second only to Mr. Cameron himself in influencing public opinion on the issue. As it stands, the latest surveying of voters shows that 48 percent favor staying in the EU, 33 percent want to leave and 19 percent are undecided.

What do DailyFX analysts expect from the British Pound in 2016? See the forecast here!

British Pound Slumps as Conservatives Splinter on Brexit Vote

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES

News & Analysis at your fingertips.