The pound came under selling interest on Monday but rebounded somewhat overnight, after UK MPs took control over the Brexit process for a day. That said, the gains were not enough to recover the previously lost ground. As for tonight, during the Asian morning Wednesday, the RBNZ decides on monetary policy, with investors perhaps eager to find out whether Governor Orr will stick to his guns and note that the next move in interest rates could be either up or down.
GBP Down on Brexit Uncertainty, Rebounds Slightly After MPs Vote
The pound traded lower against all but one of the other G10 currencies on Monday. It lost the most ground against AUD, NZD and NOK in that order, while the currency that failed to capitalize against GBP was JPY.
As we noted several times in the recent past, the only driver in town for the British currency is Brexit. On Friday, sterling traded higher after EU leaders agreed to offer the UK an unconditional extension up until April 12th. However, the currency took a 180-degree spin on Monday following reports that a third...
Read the full financial markets daily report on JFD Research.