Daily Currency Update
Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools.
Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools.
© 2020. UKForex Ltd. All rights reserved. *Third party fees may apply.
Terms of Use, Privacy Policy, Customer Agreement, Cookie Policy, Complaints Policy.
©UKForex Limited (trading as “OFX”) is: registered in England and Wales (Company No. 04631395). Our registered office is at 4th Floor, The White Chapel Building, 10 Whitechapel High St, London E1 8QS. We are authorised by the Financial Conduct Authority as an Electronic Money Institution (Firm Ref. No. 902028).
GBP remains well bid ahead of weekend parliamentary vote
GBP - British Pound
GBP/USD spiked through the 1.29 figure yesterday after UK and EU negotiators announced they had reached a deal. The new deal is largely the same as the one agreed by Theresa May last year - but it removes the controversial backstop clause. Northern Ireland would remain in the UK's customs union under the new agreement.
The DUP aren't too keen on the deal, though. Their deputy leader Nigel Dodds said that Johnson was "too eager by far to get a deal at any cost" and that they'd been unable to book the proposal in the Commons. This has capped the upside in the pound.
All eyes now turn to Saturday as the PM attempts to get MPs, including the DUP, on side. It's his last chance to get Parliament to approve a deal before the Brexit deadline of 31 October and should he fail, he must ask the EU for an extension until 31 January 2020.
Key Movers
The US dollar weakened through the day yesterday, mostly against the commodity currencies including the aussie dollar. Better than expected employment data from Australia also supported the push higher in the local unit. But focus remains almost exclusively on Brexit, however.
GBP/USD: 1.2500 - 1.3210▼
GBP/EUR: 1.1480 - 1.1680 ▼
GBP/AUD: 1.8650 - 1.9100 ▼
GBP/NZD: 1.9500 - 2.0620 ▼