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Mar 1st, 2018: Pound Slumps as Irish Border Scuppers Negotiations
March 1, 2018 9:11 amVideo
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Morning Report: 07.00 London
The British pound remains under severe pressure this morning after Brexit negotiations hit a severe stumbling block in the form of the Northern Irish border. This issue had essentially been swept under the carpet, but it now returned to haunt UK negotiators. The GBP/USD slumped below 1.3800, with the GBP/JPY plunging and the EUR/GBP rising rapidly.
Dollar pairs are generally under pressure, with the AUD/USD plunging for the third straight day. The EUR/USD also came in for selling yesterday, but is holding its own this morning.
Yen pairs are seeing some of the biggest movements though, with the GBP/JPY and EUR/JPY wiping out longer term support levels.
Meanwhile the dollar index has risen for the third straight day, with only the yen acting as safe haven of choice.
Coming up today
This morning, we have UK manufacturing PMI at 09.30, alongside net lending to individuals.
At 13.30, we have Canadian current account alongside US core PCE price index, personal spending and unemployment claims.
At 15.00, we have Fed chair Powell testifying, alongside ISM manufacturing PMI.
Trade Idea
The Aussie dollar has been caught right in the centre of the current risk aversion push, with the AUD/JPY sinking steadily.
It’s worth backing the current trend further and a good way to play this is a LOWER trade predicting that the AUD/JPY will close below 82.00 in 14 days for a potential return of 157%.
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