Pound continues to weaken across the board this morning.Against the euro the pound has already shed over 1% throughout yesterday’s session and the euro continues to push the EURGBP higher, currently trading at the price of 0.8731 – currently marking 2-month highs. GBPUSD is not far off from were the session opened 1.2160, but still the USD has a small lead on the pound.
Pound weakness was triggered by the British PM Theresa May’s comments over the weekend. Mrs May was emphasizing that Brexit vote meant an exit for the UK, and that their had to be the realization that keeping parts of membership was not the most likely outcome.
In the meantime, not even the Dollar had a pleasant start for the week; the US Dollar Index (DXY) an index measuring the Dollar strength against a basket of currencies, is currently at 101.65 after a week’s start at 102.26. The buck is entering its second consecutive day of losses ahead of Trump’s first news conference next Wednesday, as traders apparently prefer to lock in some profits.
The Dollar was also weaker agiants the Yen, with the USDJPY slipping to below 116 levels this morning afte week’s open at 117.01.
Euro has made the best out of USD and GBP weakness; EURUSD is 0.75% higher and currently trading at 1.0609.