Market News

Though this time of year is generally the time of cheer and joy, traders worldwide are not quite feeling the love.

With must traders sitting on the sidelines as the Christmas holiday approaches and the end of the year draws near, the Pound Sterling was mired close to a 4-month trough against the common currency Euro.

Rumor has it that U.S. First Lady Melania Trump and her son, Barron, are on their way back from Mar-a-Lago, Florida, where they’d planned to spend the holidays – until the government shutdown

This week will see much less activity than last week last week, with almost no important data due at all.

Safe haven currencies, predominantly the Japanese Yen, were driven higher during the Asian trading session, largely on an increase in risk aversion after the US Dollar Index fell as well as another major rout on Wall Street.

With the Bank of England policy meeting looming largely, the Pound Sterling moved higher against the US Dollar on retail sales data.

Asian markets were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates a quarter point on Wednesday and indicated that there will be two more rate hikes in 2019.

After three days of gains, the Pound Sterling seems to have lost some positive momentum after the release of the latest inflation data for the UK.

Later today the Federal Reserve will announce whether it will raise interest rates for the fourth time this year, and both traders and world leaders are anxiously awaiting the announcement.

The Pound Sterling continues to move off of the recently struck 20-month trough after it was confirmed that the Prime Minister will ask for the British Parliament to approve her latest Brexit proposal next month.

Asian markets were broadly lower on Tuesday after a tumultuous day on Wall Street on Monday which sent the S&P 500 to fresh 2018 lows.

Though higher now, the Pound Sterling remains within striking distance of a 20-month trough, despite calls for another Brexit referendum by some politicians.

The US Dollar remained close to a 19-month peak during Asian trade on Monday, largely as safe haven assets were driven higher in the wake of growing concerns over a worldwide economic slowdown.

During the Friday trading session in Asia, the US Dollar moved higher against major peers as market focus shifts to next week's expected Fed rate hike.

The Pound Sterling edged higher during Thursday trade in London after the Prime Minister managed to eke out a win after the Parliamentary no-confidence vote on Wednesday.