The Pound Fell Sharply After May Admitted Not Enough Support To Pass Her Deal - APAC Update

Xe Corporate APAC

March 25, 2019 3 min read

The AUDUSD opened at 0.7111 (mid-rate), and the NZDUSD opened at 0.6912 (mid-rate) this morning.

Commodity-linked currencies including the NZD have pushed higher against the majors with the British pound the worst performing of the G10 currencies on Brexit concerns.

Brexit Update

The British pound which had been pushing higher on reports that lawmakers would hold a third vote on May's Brexit withdrawal agreement today, fell sharply after May admitted that there was not yet enough support to pass her deal. May has said that she will continue to push for MP’s back her deal before holding a vote towards the end of the week.

Europe Update

The Euro clawed back some of its recent losses against the majors after Germany’s business confidence unexpectedly strengthened in March breaking a six-month losing streak.

The Ifo business confidence index increased to 99.6 from an upwardly revised 98.7 in February. Economists had expected the index to remain unchanged from the previously reported 98.5 reading in February. The data helped lift the German 10-year yield back into positive territory with the EURUSD climbing back above 1.1325 from a session low of 1.1285.

This morning’s trade balance, the last of the economic data releases ahead of tomorrow’s monetary policy statement is expected to show a $200m deficit following on from January’s $914 deficit.

Global equity markets are broadly lower, - Dow -0.10, S&P 500 -0.14, FTSE -0.42%, DAX -0.15%, CAC -0.18%, Nikkei -3.01%, Shanghai -1.97%. Gold prices are pushing higher, up 0.7% trading at $1,322 an ounce. WTI Crude Oil prices are unchanged, trading at $59.29 a barrel.

Mid-market Rate

AUDUSD0.71110.4%NZDUSD0.69120.5%AUDEUR0.62860.2%NZDEUR0.61080.3%AUDGBP0.53980.6%NZDGBP0.52470.7%AUDJPY78.190.5%NZDJPY76.010.6%AUDNZD1.0287-0.1%NZDAUD0.97210.1%GBPAUD1.8525-0.6%NZDCAD0.92720.5% GBPNZD1.9059-0.7%
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