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Brexit uncertainty sends GBPUSD lower

Today’s Waves – 7th September

Brexit uncertainty sends GBPUSD lower

Earlier today UK Prime Minister Boris Johnson warned the EU that Britain will push forward with a no-deal Brexit should a trade agreement not be reached by the 15th of October.

This led GBPUSD to a near two week low, dropping to its lowest level since 26th August. The drop comes as trade negotiations with the EU are set to resume this week.

Johnson also outlined possible amendments to the initial treaty signed in January, however EU officials warned that there would be no trade deal if the UK tried to tinker with the Brexit divorce bill.

DAX gains as vaccine hopes grow

The DAX rose to as high as 13,110 on Monday, recovering from two consecutive days of bearish candles on Thursday and Friday.

This rally came as Australia announced that it expects to receive its first batches of a potential COVID-19 vaccine in January.

The news saw AstraZeneca rise by close to 1.6%, with the European healthcare sector index also gaining by 1.1%. The news comes on the eve of GDP growth rate data from the Eurozone, and as COVID-19 cases were once again on the up in Europe as we move toward the end of the summer season.

UK house prices jump by most since 2016

UK house prices saw their biggest growth in four years, climbing to a record high in the process.

It was said that the price of an average house in the UK hit £245,747 for the first time on record. This represents a month-on-month growth of close to 1.6% from July to August and comes in better than the forecasted 1.5% growth.

The FTSE 100 bounced from its recent 3-month low on the news, and reached a high of 5,941, nearing the 6,030 support handle.

Mohamed Shraka

Head of Business Development (EMEA)
mshraka@tvmarkets.com

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