Forex Marketz Daily Forex News – Fully Markets Update
The British pound is on the defensive during the Asian trade session on Wednesday. Traders are digesting the last opinion polling before tomorrow’s election in the United Kingdom.
The polls are indicating that Prime Minister Boris Johnson’s Conservative Party is maintaining a narrow lead over the Labour Party.
Traders are also watching current trade talks between the United States and China and the British currency will be impacted by today’s Federal Reserve’s monetary policy and rate decision.
The British pound fell lower against the U.S. dollar as the headline GBP/USD currency exchange rate fell 0.1 percent to trade at 1.3140. The pound has hit a better than eight month high yesterday are 1.3215.
The EUR/GBP also gained ground to 0.8449. Yesterday the pound hit a two year high price point at 0.8394. The GBP/JPY also fell lower and was last trading at 142.80 yen.
The last YouGov election poll, before tomorrow’s election shows that the Conservative Party will win a majority of 28 seats in parliament. This polls, last month, showed them at a 68 seat advantage.
British Pound Traders also wait on Today’s FOMC Decision and Monitor Trade Headlines
Traders are waiting on the Federal Open Market Committee (FOMC) to deliver their monetary policy and rate decision. This is scheduled for 7 pm GMT with Federal Reserve Chair Jerome Powell holding his press conference at 7:30 pm GMT.
Today’s FOMC monetary policy announcement is the key event on today’s economic calendar. However, there are the current and ever evolving trade headlines between the world’s two largest economies being dissected by financial traders.
Forex traders are also watching to see if President Donald Trump will impose tariffs on $160 billion worth of Chinese goods on Sunday December 15.
Current headlines how that the United States might delay the December 15 tariff deadline in order to keep trade talks going. China, in response, has indicted that they will increase soybean purchases from the United States.
