Sterling drops below 1.35 versus dollar

Economies.com
2017-09-25 16:18PM UTC

Sterling tilted lower against the dollar following earlier data from Britain, and after Federal Reserve Bank of New York President William Dudley spoke about workforce development at Onondaga Community College, in Syracuse.

 

As of 04:58 GMT, GBP/USD declined 0.28% to 1.3466 from the opening of 1.3504, with an intraday low at 1.3465, and a high at 1.3571. 

 

Earlier UK data included the report on financial stability, before Brexit chief negotiator David Davis countered reports of Britain's readiness to pay 40 billion pounds as a Brexit bill, adding that "i won't give a number in the air, that would be ridiculous, but we have a good idea about our direction in this issue". 

 

Davis described European calls for Britain to contribute to the retirement budget in the region as "can be discussed at least, while asserting his country won't accept the rulings of the European Justice Court after the transitional phase, noting this is a core issue for Brexit proponents. 

 

On the same note, Moody's credit company cut its credit ratings for long-term British debt to AA2 from AA1 with a stable outlook, due to economic uncertainty after Brexit, and amid worries about " a potential decline of the British economic durability in the medium term due to exiting the Union", while pointing to increased budget pressures due to activity slowdowns and increased challenges regarding the complicated Brexit negotiations. 

 

Otherwise, Dudley said that the economy is in "good position" and the Fed will move on with its policy tightening plans, ahead of similar speeches later today by Federal Reserve Bank of Chicago President Charles Evans, and Federal Reserve Bank of Minneapolis President Neel Kashkari, while Fed Chair Janet Yellen is expected to talk tomorrow. 

Forex and Currency News

EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...
USD/JPY news

Forex

Japan sends the stronger warning after yen crashes to 34-year nadir
2024-03-27 08:50AM UTC
Yen tumbled in European trade on Wednesday against a basket of major rivals, sharpening losses for ...

Forex Technical Analysis

EUR GBP Analysis

Forex

The EURGBP settles below the resistance – Forecast today – 28-3-2024
2024-03-28 05:37AM UTC
EURGBP Pair Analysis and Forecast Expected Scenarios New negative close below the bearish ...
EUR JPY Analysis

Forex

The EURJPY leans above the major support – Forecast today – 28-3-2024
2024-03-28 05:35AM UTC
EURJPY Pair Analysis and Forecast Expected Scenarios Stability above the bullish ...
GBP JPY Analysis

Forex

The GBPJPY repeats the negative closings – Forecast today – 28-3-2024
2024-03-28 05:35AM UTC
GBPJPY Pair Analysis and Forecast Expected Scenarios Weak trades yesterday with fluctuation ...