Market News

In early trade in Asia, the Pound Sterling rallied and struck a 2-month peak versus the US Dollar after it was reported that the Prime Minister's Brexit deal has obtained the backing of the Democratic Unionist Party (DUP) of Northern Ireland.

While it has now lost some momentum, the Pound Sterling had earlier struck an 11-week peak during overnight trading on renewed optimism that a no-deal Brexit can be avoided.

Global markets continued to look for direction on Thursday as investor uncertainty about the state of the global economy created opportunity for both concern and optimism.

With possible backing from the Labor Party for the latest amendment to the ongoing Brexit saga, the Pound Sterling inched higher and rose above the $1.30 level during London trade.

Asian markets were trading mixed on Wednesday afternoon, as traders remained cautious in the face of continued trade tensions between the United States and China.

News that the UK labor market was stronger than had been predicted helped to briefly lift the Pound Sterling out of the doldrums.

On Tuesday, January 22, 2019, the markets will be concerned with the release of economic calendar data, which usually results in changes in price movements.

The US Dollar held close to a 2-week peak versus its key rivals as worries grow over the news that the Chinese economy has slowed to a 28-year low.

The US Dollar Index, used by investors to gauge the relative strength of the greenback against major peers, was lower but remained close to a 2-week peak

This week will see some key activity, with central bank input from the ECB and the Bank of Japan, as well as important data releases primarily concerning China and New Zealand.

The US Dollar gained some support against the Japanese Yen during Friday trade in Asia on renewed optimism that the trade talks between the US and China are exhibiting signs of progress.

Sterling remained not far from the recently struck 2-month peak against both the US Dollar and the Euro on investor uncertainty.

Asian markets were trading mixed on Thursday afternoon, with Japan’s Nikkei 225 and the Shenzhen Composite trading lower

While lower currently, the Pound Sterling remains close to a 2-month peak as FX traders await the a no-confidence vote against Theresa May and her government.

Global markets were on edge after British Prime Minister Theresa May’s Brexit deal was brutally shot down on Tuesday, in a vote of 432-202, the worst defeat in modern British history.