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Pound Rallies On Positive Brexit News

Binary.com Daily Financial Review July 21st 2016

Morning Report: 08.30 London

  • This morning, the British pound is slipping back after UK figures went upside, with better than expected average earnings, claimant count change and the unemployment rate. These surveys and data points were taken before the Brexit vote, but it is encouraging that the pre-referendum uncertainty had not spread into the real economy.

Pound Rallies On Positive Brexit News

pound rallies on positive brexit news

pound rallies on positive brexit news

 

  • Markets are generally mixed this morning as the US dollar drops off from the highs, and the USD/JPY slips back slightly.

pound rallies on positive brexit news

pound rallies on positive brexit news

 

  • The big mover this morning is the New Zealand dollar which is recovering well after heavy selling yesterday.

pound rallies on positive brexit news

 

 

 

  • The Australian dollar is moving to a similar beat.

pound rallies on positive brexit news

  • Meanwhile, the EUR/USD is nudging higher ahead of today’s ECB meeting.

pound rallies on positive brexit news

 

Coming up today:

  • Coming up today, we have UK retail sales and public sector net borrowing at 09.30.
  • This is followed by the ECB rate statement at 12.45 and press conference at 13.30.
  • At the same time, we get Canadian wholesale sales, US Philly Fed and US unemployment claims.
  • US existing home sales follow at 15.00.

Trade Idea:

  • The pound is performing remarkably well at the moment, so far confounding initial Brexit fears. The euro zone continues to struggle however and the EUR/GBP could well see more downside, at least until the next Bank of England meeting.

pound rallies on positive brexit news

 

A good way to play this is a LOWER trade predicting that the EUR/GBP will close below 0.8300 in 14 days for a potential return of 110%

pound rallies on positive brexit news

Bank of England Eyes Historic Cut

N.B. This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com. Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.

 

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