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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bullish
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
More View more
Real Time News
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/rPd6B5KzuI
  • Time-cycle analysis suggests that the Japanese Yen could slide significantly lower against its major counterparts. Key levels for AUD/JPY, EUR/JPY and GBP/JPY. Get your market update from @DanielGMoss here:https://t.co/WPq4Z9zzEw https://t.co/VzVLrBbL9q
  • The Australian Dollar looks poised to outperform the haven-associated US Dollar and Japanese Yen. However, it may lose ground to the New Zealand Dollar. Key levels for AUD/USD, AUD/JPY and AUD/NZD. Get your market update from @DanielGMoss here:https://t.co/cuxRxl5WaF https://t.co/pujrmqSxV7
  • Has anyone explained the risk of inflation on the markets in terms of tendies?
  • The US Dollar is trying to break higher versus ASEAN currencies. The Singapore Dollar, Philippine Peso, Thai Baht and Indonesian Rupiah are under pressure. Will follow-through last? Get your market update from @ddubrovskyFX here:https://t.co/JOWG9q01q0 https://t.co/j2ICxgrLa3
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your $USDCAD market update from @DanielGMoss here:https://t.co/9bkVXQuP5C https://t.co/cLNEG36mZ8
  • We just closed out the heaviest week of volume for the $SPY (US equities) since June and $TLT (Treasuries) since March 16
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/YjUfOUY3vU
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.30% 🇨🇭CHF: -0.41% 🇬🇧GBP: -0.62% 🇨🇦CAD: -1.12% 🇳🇿NZD: -1.87% 🇦🇺AUD: -2.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZdHY0q1ocW
  • #Gold Price Forecast: Gold Breakdown Accelerates – $XAUUSD Bulls Done? - https://t.co/uATlmZg8g6 https://t.co/vIbhg5HOko
British Pound Rally Starts Next Leg on Signs of Softening Brexit Stance

British Pound Rally Starts Next Leg on Signs of Softening Brexit Stance

Nick Cawley, Strategist

Talking Points

- Brexit minister Davis says UK may consider paying for EU market access

- Eurogroup chief Dijsselbloem says EU may find a way for UK to Access internal market

- Softening Brexit stance pushes British Pound higher

The first signs of a thaw in UK/EU Brexit negotiations appeared on Thursday when senior officials from both camps spoke of finding a way for the UK to retain access to the European Union single market. After months of frosty relations, the more conciliatory tone adopted by UK Brexit Secretary David Davis and Eurogroup President Jeroen Dijsselbloem points towards a ‘soft’ Brexit, rather than the more potentially Pound-negative ‘hard’ option, when the UK leaves the European Union.

The British Pound, and more latterly the Euro, have both been under pressure in recent months as the respective sides of the UK/EU divorce refused to give any ground on their break-up demands. The EU has been unified in insisting that no negotiations could take place until the UK triggered Article 50, while the UK has refused to be buckle to EU demands to speed up the divorce process. This status quo has weighed heavily on Sterling as businesses became increasingly concerned about the make-up of the post-Brexit landscape, while the Euro sagged on worries about the loss of business from one of the bloc’s largest trading partners.

UK Brexit Secretary Davis said that the country wants “pretty free” movement of high-skill labor and that the UK’s goal “may or may not include single-market memebership.”

Eurogroup chief Dijsselbloem in turn said that the EU may find a way for the UK to acces internal markets, although the Brexit outcome will be the UK outside of the EU. Other news sources said that the UK may consider making EU budget contributions if it meant “getting the best deal” for goods and services.

Chart 1: EUR/GBP 1-hour Chart (November 22 to December 01, 2016 Intraweek)

British Pound Rally Starts Next Leg on Signs of Softening Brexit Stance

The British Pound pushed higher on the news, with EUR/GBP retracing back to levels last seen in early September. There may be a short-term opportunity forming in EUR/GBP, as Senior Currency Strategist Christopher Vecchio pointed out in the DailyFX Real Time News feed earlier today.

Ahead, the UK Parliament will reveal its decision on the legality of triggering Article 50 at a four day meeting starting on December 5. Judgment will be reserved at the conclusion of that hearing and follow at a later date, probably not for several weeks into January 2017.

Read more: British Pound Little Changed as UK Manufacturing Expansion Slows

--- Written by Nick Cawley, Analyst

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

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

DISCLOSURES