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GBP Victim of Brexit Uncertainty, Australians Head to the Ballots

JFD

Market sentiment improved yesterday, with EU and US indices ending their trading in positive territory. EU investors may have continued to cheer headlines over a potential delay in auto tariffs, while Wall Street was driven by upbeat earnings and positive US data. In the FX sphere, the pound was once again among the main losers, as uncertainty surrounding Brexit continues to increase. In Australia, voters will head to the ballots tomorrow for the nation’s federal election. That said, we don’t expect a huge market reaction from the Aussie, as its traders appear to have kept their gaze locked on the increased US-China tensions, end even more on expectations over the RBA’s future policy plans.

EU and US Equities Gain, GBP Continues to Slide

The dollar traded higher against all the other G10 currencies on Thursday and during the Asian morning Friday. The main losers were NOK, GBP and AUD in that order, while the currencies against which the dollar capitalized the least were CHF and JPY.

This suggests that market sentiment remained subdued yesterday, but the performance of the equity markets suggests otherwise. Yes, that was the case during the Asian morning Thursday, following the US government’s decision to...

Read the full financial markets daily report on JFD Research.

JFD Review

Source: https://www.jfdbank.com/en/research/gbp-victim-of-brexit-uncertainty-australians-head-to-the-ballots-20190517
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