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GBP / USD Boosted by Cross-Party Brexit Negotiations Progress

GBP / USD soared to break the 1.3000 threshold thanks to the latest update on the Brexit negotiations. However, the continuation of the Pound rally is still vulnerable. Yesterday, the GBP / USD currency pair soared to break the 1.3000 threshold and hit a record high in more than a week. 

The Sterling rally supported by the progress of cross-party negotiations on brexit continued until the beginning of the European session today. When the news was written, GBP / USD had climbed 0.05 percent to around 1.3040, while GBP / JPY rose 0.16 percent to around 145.50. However, the threat of political instability is still overshadowing Sterling, due to persistent efforts to oust PM Theresa May.


First Progress Regarding Brexit in 4 Weeks

Market participants warmly welcomed The Times media reports about progress in cross-party negotiations led by PM May in an attempt to break the Brexit deadlock. "For the first time in four weeks of negotiations, a senior member of the Labor party said that the government's side seems to have changed attitudes about key demands to be closer to a single customs with the European Union after Brexit. 

“There is also an understanding of progress in bringing together political declarations that be updated with the European Union in UK legislation, which will be needed to implement Brexit," said Oliver Wright of The Times. Although there is no final draft Brexit agreement that can be agreed, this update relieves the concerns of some investors and traders. 

Moreover, the Labor party agreed not to change the current manifesto about Brexit, so that it was expected to facilitate the achievement of the agreement. In line with that, Sterling strengthened, especially versus the Greenback, which was being wrapped up in the issue of cutting interest rates. "Sterling climbed to the highest level for a week as the dollar continued to consolidate the rally that had lifted it to its highest peak in 2019. The latest round of Brexit negotiations is still ongoing and reportedly reached a constructive start; other factors support Pounds," said Joe Manimbo, forex strategy expert at Western Union.

Sterling Rally Still Shadowed by Risk

Apart from that, there are still a number of other political and economic issues that overshadow the Pound Sterling rally in the short to medium term. First, the regional legislative elections which are held in the UK on May 2 are feared to mark the rise of the prestige of the opposition group (Labor) and the decline in the popularity of the current (Conservative) ruling party. 

Secondly, PM Theresa May is scheduled to attend the Emergency General Meeting (EGM) in June. In the forum, around 800 members of the Conservative party convention will decide whether May will be forced to resign from his position as Prime Minister of England. Third, there is a release schedule for a number of internal and external economic data in the coming days that can influence Sterling's movements.

US Dollar Encouraged by Risk of Global Trade Conflict Escalation

Market participants react to the US Dollar more carefully, due to the emergence of potential new trade war conflicts due to the steps of US protectionism. The US Dollar Index (DXY) is traded almost flat in Wednesday's trading. When the news was written at the beginning of the European session, DXY moved around 97.01, while EUR / USD were steady at around 1.1261. 

The move is said to have been taken as a countermeasure for the United States, because the European Union continues to provide subsidies for leading aircraft manufacturers Airbus. Airbus is Boeing's main rival, a giant US company that has recently been dragged down by scandals due to the fall of two aircraft made in Indonesia and Africa.



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