Home / Forex & Currency Exchange News / Pound’s rally fizzles out a day before EU referendum

Pound’s rally fizzles out a day before EU referendum

Article by ForexTime

After rising to a five-month high against the US dollar on Tuesday, sterling’s rally ran out of steam today and traded sideways during the Asian session.

GBPUSD traded around $1.4681 in Asia just a day out from the UK’s referendum on European Union membership. Yesterday, the pound hit a high of $1.4782 before sliding. The pound will continue to be volatile and react to Brexit polls.

EURUSD was up 0.1 per cent today at $1.1254, but like most global currencies, had fallen on Tuesday as the US dollar strengthened.

The dollar index, a measure of the US currency against a basket of peers, was up 0.1 per cent in Asian trade at 94.071. The greenback’s advance came in the lead up to Fed Chair Janet Yellen reiterating her cautious stance on the outlook for US monetary policy, but still keeping the door open to raising rates later this year. Ms Yellen was testifying in front of the US Congress yesterday.

Gold, which is typically sensitive to US interest rate expectations, fell 1.7 per cent on Tuesday, and was trading flat at $1,268.15 an ounce in Asia today.

The yen was the best-performing Asian currency in Asia today, strengthening one-third of one per cent against the dollar and pushing USDJPY to 104.41 yen.

Oil prices were slightly firmer today, with Brent crude, the international benchmark, up 0.1 per cent to $50.68 a barrel, and West Texas Intermediate, the US marker, up 0.2 per cent at $49.95.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

Check Also

Oil bears gain ground on gasoline inventories

Oil bears gain ground on gasoline inventories

Article by ForexTime Oil has been one of the standout trades in 2017 and so far in 2018 it has looked positive. One of the reasons behind that has been the constant drawdown’s in inventory in the US which has helped push up prices further. Today’s reading was of course a mixed signal with a […]

Leave a Reply

Your email address will not be published. Required fields are marked *