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).
Waiting game for Boris
GBP - British Pound
Sterling remained fairly muted on Wednesday in the aftermath of Tuesday’s parliamentary Brexit votes. After the EU rejected Johnson’s fast track timetable proposal, it is now down to the EU diplomats to determine the length of the UK’s extension, if any. It is anticipated that the motion was discussed on Wednesday night at an ambassadors meeting that should lead to a decision on Friday. President Donald Tusk has urged EU leaders to back an extension however there are still those that oppose this notion.
EU leaders may call an emergency summit on Monday for political talks in order to iron out any creases between the two parties. Johnson still stands by his previous statement – it’s his deal or a no-deal on October 31st, with no option of an extension. French officials are keen to offer an extension until 15th November at the latest however Jan 2020 is still looking most likely.
Key Movers
There is an abundance of data released today across Europe and the US. Spanish employment data is followed by a number of different Manufacturing and Services PMI releases. All are expecting a slight uptick on previous results however not expected to give any real gains to the Euro. The most important story in the Eurozone today is Mario Draghi’s final ECB Refinancing meet however it's expected to be fairly uneventful. Eyes are fixated on the European Brexit decision and escalations in the US-China trade war.
Expected Ranges
GBP/USD: 1.2835-1.2975 ▲GBP/EUR: 1.1540-1.1635 ▲
GBP/AUD: 1.8805-1.8935 ▲