Friday, 19 April, 2019

Sterling rises as European Union set to grant Britain a second Brexit delay

GBP to AUD weekly GBP Jumps and Reverses on Brexit Extension Rumours and Denials
Priscilla Morrison | 12 April, 2019, 14:26

Stronger Chinese data and US-China trade hopes made investors more willing to take risks this week so far, but the New Zealand Dollar remains unappealing on RBNZ rate cut bets. That's not a surprise, as we have so much drama when it comes to the Brexit. Manufacturing is now at its highest level since April 2008'.

Investors are heavily hesitant to move much on the Pound this week so far, as markets anticipate major news of whether or not the Brexit process will be delayed for a second time and as a result the British Pound to New Zealand Dollar (GBP/NZD) exchange rate has seen limited movement.

However, the lingering possibility of a no-deal Brexit is keeping pressure on Sterling, and even a delay would mean more mid to long-term uncertainty for Britain. The Brexit talks look set to intensify on Tuesday with the UK PM Theresa May's meeting with German Chancellor Angela Merkel and French President Emmanuel Macron later today, building the case for another Brexit delay at the upcoming European Union summit on Wednesday and eventually provide some meaningful impetus to the major.

The pound was helped by better-than-expected economic growth numbers. The ecostat shows a surge in stockpiling given the Brexit uncertainty now in the United Kingdom and the possible threat to supply chains.

At the end of last week, the US Dollar found fresh support in a stronger than expected US Non-Farm Payroll report.

However, the report came amid other mixed USA ecostats, indicating that the USA economy may be being negatively impacted by slowing global growth.

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"We understand why this is being met with limited enthusiasm in the FX markets".

Investors have been selling the U.S. currency from its best levels since the end of last week, and due to a combination of risk-sentiment and anticipation for upcoming United States news the currency has remained unappealing.

The Reserve Bank of New Zealand (RBNZ) has indicated that it could cut New Zealand Dollar exchange rates in the foreseeable future, with some investors betting it could happen as soon as the coming months.

A senior Brexiteer in Prime Minister Theresa May's government said on Tuesday that she hoped Merkel would agree to reopen the Withdrawal Agreement to get a Brexit divorce deal agreed by the British parliament.

The pound depreciated to 0.8644 against the euro, down from a high of 0.8594 seen at 4:30 am ET. If these fall short of forecasts, hopes of a more optimistic Federal Reserve will lighten and the US Dollar outlook will weaken.

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