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The pound finds support above 1.20 against the US dollar after more chaos on the Brexit
The British pound / US dollar exchange rate hit a high of 1.2150 for the GBP / USD pair as tensions around Brexit hit their boiling point in the House of Commons. At 57 days from the end of October 31, 2019, the stakes are high, with British Prime Minister Boris Johnson having lost his first parliamentary vote last night by 328 votes to 301. 21 Conservative rebels voted against the government despite the withdrawal of the whip and risk being deselected in future general elections. This prompted Boris Johnson to call a general election, although opposition leader Jeremy Corbyn said the Labor Party would support an election only if no agreement was withdrawn from the election. Table.
Key vote on Brexit in Parliament today: what could happen?
This leaves an uncertain period ahead as no agreement is attempted to be removed from the table by the so-called rebel alliance. Today, Parliament is voting a new day of uncertainty and volatility on a bill that will effectively extend Brexit at the end of January 2020, which the Prime Minister has promised not to tolerate. . The rates for GBP / USD continue to determine whether an agreement will be reached between Britain and the EU. There are so many different possible outcomes from these latest twists that make it almost impossible to predict. As such, one must expect a high volatility of US dollar / US dollar exchange rates once the way forward established and market developments could be two-way.
Nonfarm payroll figures in the United States released on Friday
While Brexit should headlines today and tomorrow, the United States will see Friday's release of non-farm payroll figures, which could create some evolution for GBP / USD rates. Yesterday, the dollar came under pressure after disappointing manufacturing data on the US-China trade war were cited as having a negative impact. The payroll figures will be eagerly awaited on Friday, the result likely being that of the US Federal Reserve that will meet later this month and where a reduction in interest rates is widely expected.
Those with needs waiting to buy or sell dollars would be wise to consider their option during such a hectic week in UK politics as well as when publishing key data for the United States.
Those with needs waiting to buy or sell dollars would be wise to consider their option during such a hectic week in UK politics as well as when publishing key data for the United States.
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