Sterling drops from four-week high against dollar

Economies.com
2018-11-12 18:47PM UTC

Sterling swooned nearly one percent in American trade versus the greenback away from October 17 highs, amid a lack of data from Britain and the US today, while eyes shift to the latest developments in the Brexit saga. 

 

As of 06:25 GMT, GBP/USD dropped 0.96% to 1.2847, with an intraday high at 1.2964, and the lowest since early November at 1.2828. 

 

UK Prime Minister Theresa May's spokesman said today there's no indication of any ministers with intent to resign, adding that Brexit negotiations with the EU are still ongoing, with issues such as Irish borders still hanging. 

 

That comes after reports that four ministers are about to resign from May's government to protest the current blueprint for Brexit, after Jo Johnson, a Remainer in the 2016 referendum, resigned from his transportation post and called for a new referendum. 

 

Jo Johnson is the younger brother of former London mayor Boris Johnson, one of the most prominent faces of the Leave campaign, who resigned last July from his Foreign Minister post to protest May's plans that would maintain strong trade connections with the EU after Brexit. 

 

Otherwise, the Labor Party is laying the groundwork for staging new elections or even a referendum if May's new Brexit plans were rejected. 

 

Otherwise, Federal Reserve Bank of San Francisco President Mary Daly spoke about the economic outlook at the Regional Economic Development for Eastern Idaho Conference, earlier today.

 

The Federal Reserve voted at the November 7-8 meeting to maintain interest rates at below 2.25% as expected by market analysts, while vowing to carry on the path of policy tightening.  

Forex and Currency News

EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...
USD/JPY news

Forex

Japan sends the stronger warning after yen crashes to 34-year nadir
2024-03-27 08:50AM UTC
Yen tumbled in European trade on Wednesday against a basket of major rivals, sharpening losses for ...

Forex Technical Analysis

NZD USD Analysis

Forex

The NZDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
NZDUSD Price Analysis The NZDUSD price resumes its negative trading to move away from 0.6000$ ...
AUD USD Analysis

Forex

The AUDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
AUDUSD Price Analysis The AUDUSD price achieved initial break to 0.6500$ level and closed the ...
GBP USD Analysis

Forex

The GBPUSD forecast update 28-03-2024
2024-03-28 10:19AM UTC
GBPUSD Trading Analysis The GBPUSD price shows calm bearish bias to gradually approach our first ...