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Equities Continue North on US-Mexico Deal, GBP Slides as UK GDP Contracts

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Risk appetite remained supported on Monday following a Friday tweet by US President Trump that the US and Mexico have reached consensus and that tariffs against Mexico have been suspended. In the currency world, the pound was among the losers, coming under selling interest after a string of disappointing UK economic indicators, including the monthly GDP for April, which dropped the most since March 2016.

Market Sentiment Stays Supported Following US-Mexico Deal

The dollar traded mixed against the other G10 currencies on Monday and during the Asian morning Tuesday. It was higher against NZD, GBP, AUD and NOK, while it slightly underperformed against EUR, CAD, and CHF. The greenback was found virtually unchanged against JPY and SEK.

Although not evident by the performance in the FX sphere, risk appetite continued to be supported, with major global equity indices closing their sessions in the green. Following last week’s hints by several policymakers that...

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Source: https://www.jfdbank.com/en/research/equities-continue-north-on-us-mexico-deal-gbp-slides-as-uk-gdp-contracts-20190611
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