GBP/EUR – GBP/EUR has now hit the 1.10s now sitting at the lowest levels this year. The lack of clarity surrounding Brexit and the real prospect of a “no deal” scenario is hitting the pound hard.
Trade secretary, Liam Fox has stated he believes there is now a 60% chance of a Brexit “no deal”.
I have noticed some worrying market reactions over the last week. One example would be the recent very poor factory order figures from Germany. Keep in mind Germany is the engine room for the bloc so data releases from the region do have an impact on the market. Despite the poor figures we did not see Euro weakness, in fact Sterling continued to lose ground, Brexit uncertainty out weighing the bad news form the Eurozone.
If we also look at GBP/AUD we can see worrying signs. Despite The Reserve Bank of Australia (RBA) keeping interest rates on hold this week and a very dovish tone from Governor , Philip Lowe following the decision Sterling continued to fall against the Aussie breaching the 1.75 resistance point. GBP/AUD now sits at 1.73.
I am afraid there is very little reason to be optimistic about Sterling value at present. If you have a trade to perform short term it may be wise to take advantage of current levels.
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