Sterling suffers longest losing streak since 2008 as dollar surges

Brexit news UK EU no deal latest Michel Barnier

At the same time as the no-deal scenario looks increasingly likely, calls for a new referendum are also gaining traction in the United Kingdom - and judging from betting markets, the implied odds of Britain actually exiting the European Union by March 29 next year has fallen below 50%, in the aftermath of Carney and Fox's comments.

Until the Turkish crisis eases Euro exchange rates look set to remain biased to the downside, with confidence in the European banking sector already strained.

While Brexit-based jitters have taken something of a back seat in recent days the Pound Sterling to Euro (GBP/EUR) exchange rate remains vulnerable to political worries.

The figures look specifically at London, where the proportion of properties sold to European buyers increased to 13% during the first half of this year, which is a markedly stronger performance than last year's 10%. It is ultimately putting a cap on the Pound's potential for gains against rivals. Odds of a hard and sudden Brexit are on the rise and the chance of a new referendum or a material prolongation of the negotiation-process the same, while the likelihood of an orderly exit by March 29 seems to vanish by the day.

Although even a stronger uptick in inflation is unlikely to prompt any major shift in the policy outlook of the Bank of England (BoE) this could still give Pound Sterling (GBP) a fresh rallying point. Following a sell-off in emerging market currencies towards the end of the week, the pound continued weakening against the U.S. dollar, but made gains versus the euro. This was the weakest point since September a year ago.

On the other side of the pairing, the US Dollar may be impacted by domestic retail sales for July which are due to be published on Wednesday.


However, if they disappoint or it the day's United Kingdom job market results come in well above expectations, GBP/EUR could continue to recover.

Later this week, we'll see inflation figures for July.

United Kingdom inflation is forecast to have contracted slightly month-on-month, but the yearly figure is expected to have improved from 2.4% to 2.5%.

Sterling has weakened sharply in August as traders grow increasingly anxious that Britain will crash out of the European Union next year without a trade deal, and as the dollar has surged.

United Kingdom inflation data and retail sales numbers for July are also due out this week.

If UK inflation is lower than expected, investors may become concerned that the BoE's August interest rate hike was unjustified.

Related News:

  • Omarosa Newman confirms hearing Trump use the N-word multiple times

    Omarosa Newman confirms hearing Trump use the N-word multiple times

    In a separate statement, Pierson said rumors about an alleged tape were "being circulated by Omarosa and her alone". Reaching deep into his bottomless bag of insults, Trump has called her " that dog " and "a crazed, crying lowlife".
    Australia Nufarm shares plunge 17 pct after Monsanto weedkiller cancer finding

    Australia Nufarm shares plunge 17 pct after Monsanto weedkiller cancer finding

    And in that trial, Johnson was awarded $39 million in compensatory and $250 million in punitive damages from Monsanto. Monsanto has lost a court case in the USA based on whether or not Roundup caused a groundskeeper's cancer.
    You can now purchase a Samsung Galaxy Tab S3 for RM530 off

    You can now purchase a Samsung Galaxy Tab S3 for RM530 off

    Samsung also said the popular shooter game "Fortnite" is coming to Android and will be exclusive to Samsung phones until Sunday. The Connected S Pen pairs instantly with its Galaxy Note 9 counterpart, eliminating the need to switch Bluetooth on and off.
  • Kevin De Bruyne suffers knee injury at Manchester City training

    Kevin De Bruyne suffers knee injury at Manchester City training

    He was a second-half substitute in the 2-0 Premier League-opening victory over Arsenal on Sunday, coming on in the 60th minute. City do, however, have David Silva, Bernardo Silva and Gundogan who can offset his loss in midfield.
    'Thank you, good luck and farewell' - David Silva announces Spain retirement

    'Thank you, good luck and farewell' - David Silva announces Spain retirement

    Aragones led Spain to their first major trophy at an global tournament in 44 years with victory in the 2008 Euros. Prior to his retirement, Silva played earned 125 caps in a Spain shirt, scoring 35 goals in the process.
    Alli seals Spurs win as Kane's woes continue

    Alli seals Spurs win as Kane's woes continue

    Pochettino was full of praise of Alli , who was one of five Spurs starters who did not play in any of their pre-season friendlies. They started to work Monday and try to prepare the team and start to work in the same way as the previous season.
  • Pearl Jam slammed for 'gory' anti-Trump concert poster

    Pearl Jam slammed for 'gory' anti-Trump concert poster

    He said it was "important to have a congressman that can sort of make people think less emotionally about some of these things". Tester Evel Knievel on tractor ... over the cesspool below. "Maryland Matt.
    China freezes all game license approvals

    China freezes all game license approvals

    The stock has slid more than 17 per cent this year, while New York-listed rival Alibaba Group Holding remained mostly unchanged. Furthermore, the mobile version of PUBG still hasn't been monetized despite extraordinary player counts.
    Wildfire smoke rolls into region

    Wildfire smoke rolls into region

    According to the Puget Sound Clean Air Agency , there was no " good " air spanning Snohomish, King, Kitsap, and Pierce Counties. When the air is unhealthy , everyone should limit time outdoors and avoid strenuous activities outdoors.
  • India to launch its first manned space mission by 2022

    India to launch its first manned space mission by 2022

    He announced a health insurance scheme for 500 million poor people providing a cover of 500,000 rupees ($7,150) per family a year. Modi turned poetic before winding up his almost 80-minute speech, saying that the country's fortunes were being transformed.
    Priyanka Chopra finally puts a ring on it!

    Priyanka Chopra finally puts a ring on it!

    Tandon shared a selfie that shows her cozying up to Chopra, who is in her native India to film The Sky is Pink . There were reports that he had shut down a Tiffany store in London to get the right match for PC.
    Sarri bans two Conte rules at Chelsea

    Sarri bans two Conte rules at Chelsea

    The former Everton man joined us last season but didn't impress a lot under Antonio Conte . "I am here because I want to play for Chelsea ".


Most liked

Trump signs defense bill named for Sen. John McCain
Trump's promise to provide more certainty for military funding, after years of budget "sequestration" caps under President Obama. Notably in his remarks, Trump never mentioned McCain by name, even though the bill is named in his honor.

Omarosa says she's 'not trolling' with White House recordings
But she has already contradicted herself and lacks credibility as she makes bombshell allegations that Trump is a vocal racist . Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.

CDC reports measles outbreaks in Indiana, Michigan
The total number of cases per year in the U.S. usually hovers around 100, aside from 2014 when an outbreak led to 667 cases. The Centers for Disease Control and Prevention is monitoring the spread of measles in 21 states, including Indiana.

Zidane 'wants' to replace Mourinho at Old Trafford next season
United beat Leicester 2-1 to kick off the new Premier League season on Friday and take on Brighton this weekend. The Sun reported in July that Zidane was top of United's shortlist should Mourinho leave the club.

Trump says he could play matchmaker for India's prime minister Modi
Yes, that is what happened according to a report by Politico , a US-based portal devoted to covering politics and policy. The imitation was presumably to do with what the prime minister reportedly told Trump during his June 2017 state visit.

Bombing kills 48 college hopefuls in Afghanistan
An Afghan official says six children were killed when they tinkered with an unexploded rocket shell, causing it to blow up. And in northern Baghlan province, a late Tuesday Taliban assault killed 30 soldiers and police at two checkpoints.

Twitter suspends Infowars' Alex Jones for abuse
Periscope is owned by Twitter. "We consider abusive behavior an attempt to harass, intimidate, or silence someone else's voice". Twitter would have required those tweets to be deleted, if they were to have remained up.

Rick Court out as Terps' strength and conditioning coach
The attorney for the McNair family said a preliminary death certificate indicates the cause of death was heatstroke. "I have looked into the eyes of grieving mother and father, and there is simply nothing good enough", he said.

Australian politician calls for 'Muslim ban', and 'final solution
The words " final solution " usually refer to the Nazi policy of extermination carried out against the Jews during the Holocaust . He later told the Senate he deeply regretted shaking Mr Anning's hand after he gave the speech last night.

India to celebrate its 72nd Independence Day today
Last year, the Prime Minister had chosen an off-white and yellow-red turban with a long trail. This scheme will start rolling from September 25th which was already announced.

Zinedine Zidane 'keen on replacing Jose Mourinho at Manchester United'
The opportunity to come in and manage a club such as Manchester United back to former glories is one which appeals to Zidane. Mourinho is still under contract at Manchester United and will continue as manager for the foreseeable future.

Marcelo couldn't hold back his smirk at Sergio Ramos' Jurgen Klopp jibe
Perhaps Klopp will respond, although it is more likely he will brush this off and all will settle.until the teams meet again. Last week he also claimed he would rather be a "bad loser" than win in Ramos' fashion .

Paul Manafort's attorneys rest without presenting evidence, witnesses
Wearing a dark suit and white shirt, Manafort stood at the lectern in court as the judge formally asked him his intentions. Trump's attention - and tweets - as he works to undermine the standing of the Mueller investigation in the public square.

Crackdown in Xinjiang prevented another Syria or Libya, says China's state media
This is not a couple of hundred people - it is more than 1 million to 3 million in detention. "Please tell me", she said. An ethnic Uighur looks at the old town in Kashgar, Xinjiang Uighur Autonomous Region , China, March 23, 2017.

Church report: 1,000 child victims in Pennsylvania
Local witnesses, including former Berks County Catholic school students in the report, accuse clergy members of sexual abuse. In July, the Pennsylvania supreme court ruled the interim report would be released with temporary redactions by 14 August.