The market shrugged off U.S. President Donald Trump’s impeachment, as the Republican-controlled Senate is widely expected to keep him in office.It was mostly quiet in currencies, though sterling was nursing a grudge after suffering a vicious reversal that left it facing its worst weekly fall since late 2017 at 2.4%.having toppled from a $1.3514 peak when Prime Minister Boris Johnson used his sweeping election victory to revive the risk of a hard Brexit.
“We see the biggest risks being to GBP/USD depreciation over the next two weeks as Brexit preparations take place amidst the most sluggish UK economy in 10 years,” said Richard Grace, chief currency strategist at CBA. “GBP can fall because the trade concerns are taking place at a time when the UK trade deficit is the widest it has been in 10 years, and the current account deficit is at a historically large 5.0% of GDP.”
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Source: Reuters - 🏆 2. / 97 Read more »