Start Trading Now Get Started
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Markets Dismiss UK Trade Woes

By Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

European Central BankIn London trade, the British pound gained ground against both the greenback and the euro as Forex traders dismissed any concerns over North Ireland trade. Instead, market players are looking ahead to the upcoming policy meeting of the European Central Bank and then Thursday's inflation data out of the US. The latest tiff between the UK and the EU is based on an accusation by EU officials that London has failed to meet some requirements of the post-Brexit trade agreement; the EU has initiated a legal response to that alleged failure.

In London trading as of 11:14 am, the GBP/USD was trading at $1.4181, a gain of 0.2332%; the pair has ranged from a session low of $1.41405 to a peak of $1.41894. The EUR/GBP was lower at 0.8598 pence, a loss of 0.0198% and off the session high of 0.86123 pence, while the low was recorded at 0.85833 pence.

US Inflation Data in Focus

Looking at the economic calendar for the day's potential market moving events, today will see the Bank of Canada's rate decision. Analysts don't expect to see any changes to current policy and expect that the BoC will leave rates at the current level of 0.25%. Likewise, analysts don't expect much movement from the ECB which meets tomorrow; expectations are that the current negative rate environment for deposits will remain in place. As far as the US CPI is concerned, there are expectations that the May CPI reading for core inflation will show a decline to 0.4% (on a month-on-month basis) from 0.9%, while core CPI (annualized) will show a rise to 3.4% from 3%. The annualized CPI reading is also expected to show a jump to 4.7% from 4.2%. Market players are anxious to see if inflation begins to spike given the recent stimulus efforts of the Biden administration.

 

Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

Most Visited Forex Broker Reviews