Daily thread to exchange ideas and to share your thoughts
Happy Tuesday, everyone! Hope you're all doing well as we get things going here on the session. The pound is encountering further pressure on the day as uncertainty continues to engulf the quid ahead of the Brexit amendment votes later in the evening. Cable is trading to session lows now @ 1.3135.
Meanwhile, the kiwi is leading the charge backed by an improved performance in the yuan following another stronger PBOC fix today and that helped to see the aussie recover losses as well after poor business confidence/conditions data earlier.
Other major currencies are still trading in narrow ranges with EUR/USD stuck in a 23 pips range so far and a similar range can be seen in USD/JPY and USD/CHF as well.
With risk sentiment still looking indecisive, I reckon we may have to wait for US trading to get further clues on which direction markets will look at today; though I'm erring slightly more on the cautious (risk looking like the glass is half-full i.e. yen supportive) side.
Other than that, we also have to wait until closer to 1900 GMT before we get a clue on what Brexit amendments will be chosen by John Bercow to be voted on so expect plenty of nervousness ahead of that for the pound.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.