Daily Alert – Tues 16 July: Bad news for the GBP – very tradable

Mark NugentDaily Alert, July 2019

Daily Alert – Tues 16 July: Bad news for the GBP – very tradable

The GBP continues to drop after EU officials describe the “most difficult” Brexit meeting last week. Deutsche bank increase their view of the chance of a no-deal Brexit to 45%. I cannot see GBP weakness improving until and if there is a deal and that will not be before the end of October.

I take a GBPNZD short last night as it moves decisively down through support.

Elsewhere we have the RBA re-iterating their view that the labour market is their key metric when looking at interest rates. We have employment data out for Australia on Thursday. That could well move the market.

See you tomorrow at the webinar.

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