11/02/2020

Pound continues downward trend…


GBP

Yesterday, sterling briefly slipped to its lowest level in 2-1/2 months against a broadly firm US dollar, keeping last week’s downward trend intact. Last week, the pound notched up its biggest weekly fall against the dollar in seven weeks, as investors priced in the risk of Britain failing to agree a trade deal with the EU in the 11 months left of the Brexit transition period.

With no news or data to drive the pound, the currency was taking its cue from broader trends in currency markets. Positioning data from the US Commodity Futures Trading Commission released on Friday shows speculators’ bullish bets on sterling had moderated further last week.

Key Announcements

09:30 – GBP: Prelim GDP q/q 0.00%.
14:00 – EUR: ECB President Lagarde speaks.
15:00 – USD: Fed Chair Powell testifies.
15:35 – GBP: BOE Gov Carney speaks.


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