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Pound Tumbles Again on Brexit Uncertainty, RBA Leaves Rates Unchanged


The pound came under strong selling interest yesterday and what lit the wick in our view may have been comments by former Justice Minister David Gauke that he doesn’t know whether efforts to block a no-deal Brexit will gather majority in Parliament. In Australia, the RBA kept interest rates unchanged as was widely expected, and reiterated its “if needed” language, which suggests to us that policymakers may decide to wait until November before pushing the cut button again.

Pound Falls Off the Cliff on Political Turmoil

The pound tumbled against all the other G10 currencies yesterday. It fell the most against USD, NOK and JPY in that order, while it underperformed the least versus AUD, EUR and NZD.

For the umpteenth time, the British currency was a victim of the uncertainty surrounding the UK political scene, and especially the Brexit sequel. While media attribute the...

Read the full financial markets daily report on JFD Research.

JFD Review

Source: https://www.jfdbank.com/en/research/pound-tumbles-again-on-brexit-uncertainty-rba-leaves-rates-unchanged-20190903
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