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By Associated FX Analysis Team

Kantox currency update: sterling plunges on hard Brexit fears

Published August 7, 2018

British pound

The pound has opened the week with declines and dropped to fresh 11-month lows against the dollar with investors wary as an increasing number of British officials start to contemplate a no-deal Brexit as a likely outcome.

Apart from the pound, the rest of the major currencies moved within tiny ranges in absence of relevant macroeconomic figures.

EUR/USD finds support at 1.1530. The euro seems to have found support right above 1.1500 after four consecutive days of decline from 1.1750 area and has trimmed losses during Tuesday’s Asian session, and return to levels near 1.1600. As at London market opening times, the EUR/USD is trading at 1.1580.

GBP/USD: 11-month highs near 1.2900The pound depreciated on Monday for the third consecutive day with the UK bracing for an unfriendly divorce with the EU, to reach its lowest prices in 11-months, at 1.2920, before picking up during on Tuesday’s early trading. As at London market opening times, the GBP/USD is trading at 1.2970.

USD/JPY: steady above 111.00. The dollar found support at 111.10 after having retreated for three consecutive days from 112.00 area and ticked up on Monday to reach the mid-range of 111.00.  As at London market opening times, the USD/JPY is trading at 111.35.

In the Calendar Today

Today we do not have any relevant event in the calendar


 

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