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Brexit Latest: GBPUSD Drops Amid No Agreement Between Corbyn & PM May - US Market Open

Brexit Latest: GBPUSD Drops Amid No Agreement Between Corbyn & PM May - US Market Open

MARKET DEVELOPMENT – Gold Drops as Support Breaks, EURUSD Dips on ECB Sources

GBP: This morning saw another robust UK job report with the unemployment rate hovers around a 45yr low, while wage growth is at a decade high, thus providing some initial underlying support for the Pound. However, Brexit uncertainties pushed the Pound to session lows following reports that no agreement had been reached between the government and Labour leader Jeremy Corbyn on customs union and workers rights with talks said to have stalled.

EUR: As markets wind down ahead of the upcoming market holidays, FX pairs continue remain in tight ranges. This morning’s German ZEW survey had been relatively mixed with current conditions dipping yet again, while the economic expectations component rose for the 6th consecutive month, as such, the Euro saw a muted response. However, ECB source reports did spark a bout of EURUSD selling, which briefly dipped below the 1.13 handle as dovish policymakers raised concerns over whether there would be a growth rebound in H2, questioning the accuracy of their growth forecast models, given the continued downgrade in economic assessments in recent months. EURUSD nonetheless continues to remain anchored around the 1.13 handle with immediate downside risks abating for now.

AUD: A cautious RBA saw AUDUSD retreat further away from the 0.7200 handle after the latest meeting minutes centred around scenario’s that would lead to an interest rate cut. One in particular had been a scenario whereby the unemployment rate tracked higher, consequently, increasing the importance of Thursday’s jobs report. Eyes on Chinese GDP data overnight.

Gold: The US Dollar found support on rising US treasury yields with the 10yr making a move towards 2.60%. Consequently, gold prices have come under renewed pressure with the precious metal breaking key support area at $1280-84/oz, which in turn could pave the way for deeper losses towards $1262/oz on a close below support.

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

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  1. Technical Outlook for EURUSD, GBP-pairs, Gold Price & More” by Paul Robinson , Currency Strategist
  2. EURUSD Price Breaks Below 1.1300 on ECB Growth Concerns Rumor” by Nick Cawley, Market Analyst
  3. Currency Volatility: NZDUSD Volatility Highest in 2-months, CPI Report Key to RBNZ Outlook” by Justin McQueen, Market Analyst
  4. GBPUSD Price Outlook Poor Even as UK Inflation Fears Mount” by Martin Essex, MSTA , Analyst and Editor
  5. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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