Brexit Bulletin: Pound Under Pressure

Days to Brexit: 14

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What’s Happening? The U.K. economy’s post-election economic optimism is quickly disappearing.

Boris Johnson’s decisive election win before Christmas was supposed to provide a much-needed fillip for the U.K.’s sluggish growth rate, lifting near-term Brexit uncertainty and finally allowing companies to plan for the future.

Still, signs of a “Boris bounce” aren’t too strong. While some private surveys have shown signs of a pick up in sentiment, this week has seen a string of disappointing data, including evidence that the economy was unexpectedly contracting before the vote. Inflation and retail sales reports for December, which included the period immediately after the election, came in well below expectations, suggesting U.K. consumers may be losing some of their resilience.

That’s taken a chunk out of the pound, which has fallen more than 1.7% against the dollar this year. Combined with dovish noises from Bank of England policy makers, traders now put the chances of an interest-rate cut later this month at more than 70% — levels which indicate near-certainty for some in the market.

Analysts don’t see pressure on the pound ebbing any time soon: Deutsche Bank (DE:) said today that a rate cut could be followed by a new cycle of quantitative easing. More data is due next week, with the forward-looking Purchasing Managers Index likely to influence whether the BOE takes action

“If you look at the fundamental driver behind U.K. economic weakness, it has been Brexit. And the reality is Brexit uncertainty is not going to go away,” George Saravelos, the bank’s global head of currency research, told Bloomberg TV.

Beyond Brexit

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Brexit in Brief

Reassurance | EU citizens who have not secured “settled status” by the deadline of June 2021 will not automatically be deported from the U.K., Downing Street confirmed.

Big Bong Update | The Brexiteer campaign to raise funds for Big Ben to bong on Jan. 31 continues apace, with more than £222,000 ($ 289,000) now pledged. Lawmaker Mark Francois, who is leading the bong bid, told the BBC that Brexit-backing businessman Arron Banks has pledged £50,000.

Preparation Costs | The U.K. has already committed to spend £6.3 billion on preparations for Brexit, the Institute for Government notes in a briefing paper on government readiness. That’s roughly the equivalent of a railway extension project or two new aircraft carriers, the IfG says. Another £2 billion is set aside for 2020-2021.

Tell Us Your Plans | Brexit is two weeks away. We’re curious how you, our loyal Brexit Bulletin readers, are planning to mark the moment. Get in touch and let us know, by emailing brexit@bloomberg.net.

Want to keep up with Brexit?

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U.K. Brexit Bill Clears House of Commons After Year of Gridlock

© Reuters.  U.K. Brexit Bill Clears House of Commons After Year of Gridlock © Reuters. U.K. Brexit Bill Clears House of Commons After Year of Gridlock

(Bloomberg) — Prime Minister Boris Johnson’s Brexit legislation cleared its final hurdle in the House of Commons, putting an end to the parliamentary gridlock that cost his predecessor Theresa May her job.

Members of Parliament voted 330 to 231 in favor of the Withdrawal Agreement Bill, which now passes to the upper House of Lords. Johnson wants the measures passed into law before the end of the month so the U.K. can leave the European Union on Jan. 31 and he can deliver on his election campaign promise to “get Brexit done.”

“It is my sincere hope that their lordships will now give due regard to the clear majorities we have seen during the committee stage and establish their endorsement of this bill in a similar, timely, fashion,” Brexit Secretary Steve Barclay told lawmakers. “This bill will secure our departure from the European union with a deal that gives certainty to businesses, protects the rights of our citizens and ensures that we regain control of our money, our borders, our laws and our trade policy.”

The smooth passage of the bill illustrates the dramatic shift in the political landscape since May first tried to get her Brexit deal through Parliament a year ago. The U.K.’s split from the bloc this month is now virtually a formality, and attention is already turning toward negotiations on the future relationship. Johnson wants to broker a Canada-style trade deal by the end of 2020, something the EU Commission says is impossible.

After Johnson stormed to an 80-seat majority in the Dec. 12 election, he stripped out a series of concessions May had made to opposition lawmakers, including guarantees on workers’ rights and the environment, measures to protect child refugees, and giving Parliament a say over the next stage of negotiations.

Opposition Members of Parliament tried — and failed — to reinsert some of those measures during debates in the House of Commons. Opposition amendments are more likely to pass in the House of Lords, the unelected chamber where the government doesn’t have a majority, but the Commons can strip them out again. In such circumstances, the Lords traditionally bows to the will of the elected chamber.

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Economy News

Forex – Pound Falls as Brexit Risks Resurface

© Reuters.  © Reuters.

Investing.com – The British pound fell on Wednesday in Asia as Brexit risks blew up again.

The pair fell 0.2% to 1.3098 after falling more than 1% in the previous session.

Risks of a no-deal Brexit resurfaced again after reports in the U.K. said Prime Minister Boris Johnson will change the law to ensure that the transitional phase of relations between the U.K. and EU ends as scheduled on Dec. 31.

That would leave little time to reach a trade deal with the European Union.

The was little changed at 109.43 against the U.S. dollar following the release of data that showed Japan’s export fell 7.9% in November from a year earlier, which is its 12th straight month of decline. Imports also fell 15.7%.

The that tracks the greenback against a basket of other currencies inched up 0.1% to 96.873. Overnight, Dallas Fed President Robert Kaplan reiterated that interest rates will be kept on hold unless there is a huge change in the U.S. economic outlook.

“I’ve already got baked into my outlook, we’re going to have weak manufacturing next year, sluggish global growth, pretty sluggish business investment, but with a strong consumer,” Kaplan said in a Bloomberg Television interview.

“I’d been worried that weak business investment and weak manufacturing would seep into other parts of the economy. We haven’t seen that yet,” he said.

“We’ve got a very tight jobs market, and there’s no evidence I see that the jobs market is doing anything but getting tighter. That’s a pretty good tailwind for the consumer,” he said. “So, unless something changes, that causes the employment picture to change, the consumer is going to be solid for next year.”

Meanwhile, the pair slipped 0.1% to 0.6844.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Pound Hit as Johnson ‘Honeymoon’ Ends on Brexit Deadline Pledge

(Bloomberg) — The slumped more than 1% after U.K. Prime Minister Boris Johnson moved to change the law to guarantee the Brexit transition phase isn’t extended beyond the end of next year, reviving the threat of a no-deal split.

dropped by the most since July as traders reacted to the news. Johnson’s planned legislation will include legal text to prevent the government from delaying the day Britain stops being subject to European Union laws, even if no new trade terms have been secured in time, an official said.

“The honeymoon of the election is now over and the risks of a potential hard Brexit have been brought forward,” said Kyle Rodda, analyst at IG Markets Ltd. in Melbourne. “Johnson is taking an assertive stance on Brexit and although a hard divorce may still be in the margins for now, there are increasing risk premiums priced into the pound.”

The pound was 1.1% weaker for the day at $ 1.3186 as of 8:26 a.m. in London. The currency had climbed to as high as $ 1.3514 on Friday as the Conservative Party swept to victory in the U.K. general election, fueling optimism there would be a speedy resolution to the Brexit deadlock.

EU leaders have warned it’s highly unlikely that negotiators will be able to complete the kind of deal Johnson wants, which he’s modeled on Canada’s agreement with the EU, in the 11 months between Brexit day Jan. 31 and the December deadline. This sets up a fresh cliff-edge for a no-deal split with the EU at the end of 2020.

“In practice it would erode all the positives of a large Tory majority and bring us back to previous position of pound uncertainty rising rather than falling next year,” wrote Elsa Lignos, global head of currency strategy at Royal Bank of Canada, in a research note. “If passed, it would mean further pound downside that should be apparent by January.”

Still, the U.K. currency has already recovered significant ground since the election result. A Citigroup Inc (NYSE:). index indicates that currency funds have almost completely unwound their bearish bets on sterling. Asset managers have also switched to a net long position position in the pound from a net short before the vote, data from the Commodity Futures Trading Commission showed.

Currency strategists at HSBC Holdings Plc (LON:) see the biggest surge in the pound since 2017 as only the start of the rally. Prime Minister Boris Johnson’s plans to boost spending should give the economy a shot in the arm and help the pound to $ 1.45 by the fourth quarter of 2020, the strategists said in a note dated Thursday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Pound stumbles on reported new Brexit deadline; Aussie dollar slips on RBA

By Hideyuki Sano

TOKYO (Reuters) – The British pound fell on Tuesday after reports UK Prime Minister Boris Johnson was seeking a hard line on Britain’s transition period after Brexit, while the dollar dropped on a downbeat tone from the nation’s central bank.

Sterling dropped as much as 0.7% to $ 1.3236 , as its Friday’s 1-1/2-year peak of $ 1.3516 looked increasingly like a near-term peak following the massive relief rally after last week’s UK election.

Johnson’s revised Withdrawal Agreement Bill would require the United Kingdom to have arrangements to leave the European Union be in place by Dec. 31 next year, UK broadcaster ITV (LON:) reported on Monday.

The move dashes hopes Johnson would take a flexible approach to the end-2020 deadline for a trade deal with the EU after Britain leaves the bloc, which now looks almost certain to happen on Jan. 31 following the landslide Conservative election win.

“Common sense suggests that crafting a trade deal would take at least more than a year, so markets had assumed that the transition period will be extended,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.

“It seems like the big majority Johnson won is enabling him to take a hard line approach, which the market doesn’t like so much… Considering the UK economy looks set to deteriorate as people and companies start to leave the country because of Brexit, sterling’s short-covering rally is over,” he added.

The pound last stood at $ 1.3286, down 0.3% from late U.S. levels.

The Australian dollar lost 0.2% to $ 0.6868 after the Reserve Bank of Australia opened the door to another cut in interest rates as early as February, should household incomes stay depressed or the labor market takes a turn for the worse.

Minutes of its December policy meeting out on Tuesday, showed the central bank’s board was concerned that wage growth was too weak to revive either inflation or consumption.

Other major currencies saw limited moves as investors sought more details on an interim trade deal the United States and China struck last week. The deal has broadly capped safe-haven currencies, such as the yen, and supported risk-sensitive currencies.

Against the yen, the dollar traded at 109.56 yen , up 0.05% from late U.S. levels, having gained 0.15% on Monday to edge near six-month high of 109.73 hit on Dec. 2.

The euro stood at $ 1.1147 (), maintaining its uptrend from its seven-week low of $ 1.1098 touched on Nov. 29.

The deal, announced on Friday after more than two-and-a-half years of volatile negotiations between Washington and Beijing, will reduce some U.S. tariffs on Chinese goods in exchange for increased Chinese purchases of some U.S. goods.

“There is some scepticism, but on the whole, the deal is likely to lift corporate sentiment. Even though we may not see lively market moves in coming couple of weeks due to holiday seasons, we are likely to see gradual rise in risk assets,” said Masaru Ishibashi, joint general manager of trading at Sumitomo Mitsui Bank.

“Some emerging market currencies are already starting to price that in,” he added.

The Mexican peso rose to a five-month high of 18.921 per dollar , also helped by a new trade deal with the United States and Canada signed last week to replace the 1994 North American Free Trade Agreement (NAFTA).

Economic data from the United States also underpinned the improved mood around the global economy.

Data out on Monday showed the U.S. economy remained robust, with U.S. homebuilder sentiment surging to its most optimistic reading in more than 20 years [USNAHB=ECI], way past market expectations for a flat reading.

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Let the Brexit healing begin, Johnson pledges after commanding election victory

© Reuters. Britain's Prime Minister Boris Johnson returns to Downing Street, London © Reuters. Britain’s Prime Minister Boris Johnson returns to Downing Street, London

By Sarah Young and David Milliken

LONDON (Reuters) – Prime Minister Boris Johnson called on Friday for unity to heal the Brexit divisions that have riven the United Kingdom, hours after winning a commanding victory from voters who backed his bid to deliver on the EU divorce by the end of January.

The face of the victorious “Leave” campaign in the 2016 referendum, Johnson fought the election under the slogan of “Get Brexit Done”, promising to end the deadlock and spend more on health, education and the police.

Results from the 650 parliamentary constituencies around the United Kingdom showed that Johnson’s Conservative Party had trounced its main opponent, winning 365 seats to the Labour Party’s 203, the best win for the Conservatives since 1987.

“I frankly urge everyone on either side of what are, after 3.5 years, an increasingly arid argument, I urge everyone to find closure and to let the healing begin,” Johnson said outside Downing Street.

“I know that after five weeks, frankly, of electioneering, this country deserves a break from wrangling, a break from politics and a permanent break from talking about Brexit.”

Labour had its worst election defeat since 1935.

Johnson’s landslide Conservative win marked the ultimate failure of opponents of Brexit who plotted to thwart a 2016 referendum vote through legislative combat in parliament and prompted some of the biggest protests in recent British history.

Emboldened by victory, Johnson addressed opponents of Brexit directly.

“I want to speak also to those who did not vote for us, or for me, and who wanted and perhaps still want to remain in the EU,” he said. “I want to you know that we in this One Nation Conservative government will never ignore your good and positive feelings of warmth and sympathy towards the nations of Europe.”

“Because now is the moment, precisely as we leave the EU, to let those natural feelings find renewed expression in building a new partnership which is one of the great projects for next year,” he said, adding that the he wanted to work with the EU as “friends and sovereign equals”.

But Brexit is far from over.

He faces the daunting task of negotiating a trade agreement with the EU, possibly in just 11 months, while also negotiating another trade deal with U.S. President Donald Trump.

The outcome of the negotiations will shape the future of Britain’s $ 2.7 trillion economy. After Jan. 31, Britain will enter a transition period during which it will negotiate a new relationship with the remaining 27 EU states.

This transition period can run until the end of December 2022 under the current rules, but the Conservatives made an election promise not to extend it beyond the end of 2020.

GRAPHIC-Live election results https://tmsnrt.rs/2r0WtJp

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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ECB takes oversight of big investment banks fleeing Brexit

FRANKFURT (Reuters) – The European Central Bank will start supervising the subsidiaries of several global investment banking giants from next year as they move significant operations to the continent ahead of Brexit, the ECB said on Wednesday.

“Owing to Brexit, four banks were expected to significantly increase their business activities and were therefore placed under the ECB’s direct supervision: UBS Europe SE, J.P. Morgan AG, Morgan Stanley (NYSE:) Europe Holding SE and Goldman Sachs (NYSE:) Bank Europe SE,” the ECB said in a statement.

All in all, the bank will supervise 117 lenders from next year, down from 119, as several banks no longer meet its criteria for supervision.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex- Pound Rises on Brexit Hope; Euro Flat After Ifo Data 

© Reuters.  © Reuters.

Investing.com – Sterling was higher on Monday, amid hopes rose that the Conservative Party will win the upcoming election and the U.K. will leave the European Union as planned.

British Prime Minister Boris Johnson promised to bring a Brexit deal to parliament before Christmas. His Conservative Party leads in opinion polls ahead of the Dec. 12 election.

“The markets are holding on to any sort of positivity we get at the moment,” said Sean MacLean, research strategist at Pepperstone, a brokerage in Melbourne. “We want to keep that momentum going.”

rose 0.4% to 1.2883 as of 4:14 AM ET (9:15 GMT) while fell 0.4% to 0.8553.

was flat at 1.1020 after the German showed that German business confidence rose this month, after the euro zone’s largest economy avoided falling into a recession. The Ifo business climate index rose to , up from 94.7 in October, but the Munich based institute warned that Germany’s manufacturing sector was still stuck in recession.

Meanwhile, trade sensitive currencies gained ground on positive trade deal news. China announced over the weekend that it plans to improve protection for intellectual property rights, which was one of the main sticking points in negotiations with the U.S.

U.S. national security adviser Robert O’Brien also said on Saturday a deal was possible by the end of the year.

The trade-sensitive Australian dollar was up slightly, with rising 0.1% to 0.6791, while gained 0.2% to 0.6420. The fell 0.1% to 7.0349.

Elsewhere, the , which measures the greenback’s strength against a basket of six major currencies, was steady at 98.150.

-Reuters contributed to this report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Kiwi leads faint risk rally, Brexit promise lifts sterling

By Tom Westbrook

SINGAPORE (Reuters) – The dollar and export-focused currencies found support on Monday as positive signs for the U.S. economy and upbeat headlines on U.S.-China trade talks boosted investor confidence.

The pound climbed, too, on hopes for an imminent Brexit and an end to years of political paralysis.

The day’s mood – tempered with weariness at the flow of trade news – was best illustrated by the New Zealand dollar. It rose 0.4% against the safe-haven Japanese yen () to 69.83 yen.

“Even if the numbers are small, there’s a message in there that risk appetite has improved,” said Westpac FX strategist Sean Callow.

The dollar added 0.1% on the yen to 108.76 yen and touched its highest level since Nov. 14 against the euro () at $ 1.1012. It sat at 98.278 against a basket of currencies, just below a two-week high ().

Sterling rose 0.1% to $ 1.2847, after British Prime Minister Boris Johnson, whose Conservative Party leads in opinion polls ahead of the Dec. 12 election, promised to bring a deal to leave the European Union to parliament before Christmas.

“The markets are holding on to any sort of positivity we get at the moment,” said Sean MacLean, research strategist at Pepperstone, a brokerage in Melbourne. “We want to keep that momentum going.”

Keeping hopes for a breakthrough in trade talks alive was the weekend announcement of Chinese plans for improving protection of intellectual property rights – seen as a move to address a sticking point between the parties.

U.S. national security adviser Robert O’Brien also said on Saturday a deal was possible by year’s end.

On the economic front, the greenback was buttressed by better-than-expected U.S. manufacturing data on Friday, seen as staving off the need for a rate cut. The main check on confidence has been rising tensions over Hong Kong.

The city has been rocked by more than five months of anti-government protests, and Beijing has already reacted angrily to the passage of U.S. legislation backing protesters, which has cleared Congress but not been endorsed by President Donald Trump.

“The price of the ‘Hong Kong bill’ will be increased underlying U.S.-China tensions,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore, adding that means greater uncertainty around the trade deal.

Nevertheless, the day’s optimistic sentiment was enough to lift the trade-exposed Australian dollar 0.2% higher on the greenback to $ 0.6796, and for the New Zealand dollar to gain 0.3% to $ 0.6421.

China’s yuan strengthened slightly to 7.0356.

Later in the trading day focus is expected to shift to German service-sector data and a speech from the European Central Bank’s Chief Economist Philip Lane at 1800 GMT.

U.S. Federal Reserve Chairman Jerome Powell’s makes a speech at 0000 GMT.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Dollar boosted by trade progress signs, Brexit promise lifts sterling

By Tom Westbrook

SINGAPORE (Reuters) – The dollar and export-focused currencies edged higher on Monday on broadly upbeat headlines about U.S.-China trade talks, while the pound climbed on hopes of an imminent Brexit and an end to years of political paralysis.

Moves were marginal, however, as scepticism and weariness of newsflow about both U.S.-China trade negotiations and Brexit kept investors cautious.

Sterling rose 0.2% to $ 1.2854 in Asian trade, lifting it from an almost two-week low hit on Friday following surveys showing businesses in their deepest funk since 2016.

The greenback, also supported by positive economic data released late last week, rose 0.1% on the safe-haven Japanese yen to 108.78 yen. The euro () was steady at $ 1.1021 while the Australian and New Zealand dollars ticked higher.

Against a basket of currencies () the dollar was steady at 98.258.

“The markets are holding on to any sort of positivity we get at the moment, we want to keep that momentum going,” said Sean MacLean, research strategist at Pepperstone, a brokerage in Melbourne.

British Prime Minister Boris Johnson, whose Conservative Party leads in opinion polls ahead of the Dec. 12 election, supported the pound with a promise to “get Brexit done” and bring a deal to leave the European Union back to parliament before Christmas. [nL8N284073]

Keeping hopes for a breakthrough in trade talks alive was the weekend announcement of Chinese plans for improving protection of intellectual property rights – seen as a move to address a sticking point between the parties. [nL4N28406V]

Chinese President Xi Jinping said on Friday that he wants to reach an agreement, while U.S. President Donald Trump said progress was going well. U.S. national security adviser Robert O’Brien said on Saturday a deal was possible by year’s end. [nL1N2830Q1] [nL3N2821H4]

Rising tensions over Hong Kong, however, have emerged as a fresh complication in the trade talks, that have otherwise appeared to make slow progress.

The city has been rocked by more than five months of anti-government protests, and Beijing has already reacted angrily to the passage U.S. legislation backing protesters, which has cleared Congress but not yet been endorsed by Trump.

“The price of the ‘Hong Kong bill’ will be increased underlying U.S.-China tensions,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore, adding that means greater uncertainty around the trade deal.

Nevertheless, the optimistic sentiment was enough to lift the trade-exposed Australian dollar 0.2% higher to $ 0.6797 and the New Zealand dollar to $ 0.6415.

China’s yuan strengthened 0.1% to 7.0360 in offshore trade.

Later in the trading day focus is expected to shift to German service-sector data and a speech from the European Central Bank’s chief economist Philip Lane at 1800 GMT, ahead of U.S. Federal Reserve Chairman Jerome Powell appearance at 0000 GMT.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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