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Pound Sterling Plunges to New 31 Years Low

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On Tuesday, the Pound declined to its lowest level in 31 years vs. USD and touched its lowest price in two and a half years vs. Euro, negatively affected by “Brexit” uncertainty.

GBP fell by %1.7 and traded at $1.3055. The Cable now down 12% since “Brexit” vote.

On Tuesday, the BoE took serious procedures to ensure British banks keep lending and insurers do not dump corporate bonds in the "challenging" period that is likely to follow the UK’s vote to leave the EU.

On the other hand, the BoE said, “Holding the so-called counter-cyclical capital buffer (CCB) at zero until at least June 2017 would reduce banks' capital requirements by £5.7 billion, potentially freeing up an extra £150 billion for lending.”

From a technical point of view, the pound could decline further and re-test the psychological level of $1.30.

Today, the Federal Reserve will release the minutes of its latest monetary policy meeting, which is unlikely to add a significant impact on the global economy. The U.S. dollar index surged by 70 pips and settled at 96.30.

Gold settled above $1,350 during yesterday’s, positively affected by lack of U.S. economic data and the “Brexit” uncertainty.

Oil prices declined amid Brexit concerns; as a result, three of the U.K.’s largest real estate funds have frozen almost 9.1 billion pounds ($12 billion) of assets after “Brexit” vote. WTI traded below $47 and could decline further to $45 during the course of the week.

The most important economic events:

  • USD ISM Non-Manufacturing Composite (JUN): (GMT 16:00) Important – Forecast (53.3) – Previous (52.9).
  • USD U.S. Fed Releases Minutes from June 14-15 FOMC Meeting. (GMT 20:00) Important

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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