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AUD and NZD Underperform on Chinese Warning, GBP Steady - US Market Open

AUD and NZD Underperform on Chinese Warning, GBP Steady - US Market Open

Justin McQueen,

MARKET DEVELOPMENT – AUD And NZD Underperform On Chinese Warning

GBP: The Pound has held rather steady since the large defeat for PM May and her Brexit plans. Largely because the outcome had been priced in, even the sizeable loss for the Prime Minister. However, with Theresa May’s deal effectively a no-go, markets are moving in the line of thinking that the Brexit outcome could be a softer one. With the no-confidence vote put forward by Labour Leader Jeremy Corbyn having a very slim chance of passing, Brexit watch will centre on headlines suggesting an Article 50 extension or further concessions from the EU. Both of which could see the Pound firmer. However, the biggest detriment to GBP is time, given that the only legislation in place, is the UK leaving the EU on March 29th with/without a deal.

AUD / NZD: Antipodeans are the notable underperformers this morning with NZD bearing the brunt following soft retail sales. A large party of the declines had stemmed from yet another warning from Chinese Premier Li, who stated that the Chinese outlook will continue to face downside risks. As a reminder, China recently cut their GDP target to 6-6.5% from 6.5%.

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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