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Pound starts week on front foot

GBP - British Pound

In a refreshing note, the pound started this morning on the front foot before hitting resistance as the currency looks to roll over its good fortune from last week. One of the market's best performers last week was the British pound as stories around new alternatives against a no deal Brexit emerged. Some of these fresh hopes came from Commons speaker, John Bercow, who has vowed to 'fight with every bone in his body' for MPs to have their input on Brexit. On top of this, a fresh legal challenge has been started to prevent Parliament from being suspended before the Brexit date whilst Jeremy Corbyn is set to renew his calls for a general election to change the country's current course.

Key Movers

As far as the rest of the week is concerned there are two key items to look out for. Firstly, the ECB is set to release its monetary minutes on Thursday from last month which will be crucial for investors as they look to gauge what will happen next month at the ECB's next meeting. The euro was one of the worst currencies last week and signs that Germany's economy contracted by 0.1% is alarming. Alongside the ECB minutes we also get the annual central bankers conference in Jackson Hole, Wyoming with Fed Chair Jerome Powell set to speak on Friday afternoon in another event that will be closely watched. Fed fund futures are currently pricing in a 100% chance of another rate cut in September but there hasn't been any mention of this from the Federal Reserves themselves yet.

Expected Ranges

GBP/USD: 1.2085 - 1.2170 ▲

GBP/EUR: 1.0880 - 1.0975 ▲

GBP/AUD: 1.7800 - 1.7945 ▲

GBP/NZD: 1.8870 - 1.8940 ▼