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Foreign Exchange

Date: July 15, 2019

The pound was set for a record 10th week of consecutive losses against the euro on Friday as weak data and the growing possibility of interest rate cuts in the event of a chaotic Brexit kept investors sidelined.

 

The British currency, however, was trading slightly higher in the London afternoon session, both against the greenback and the euro.

 

The possibility the Bank of England could raise rates has been one of the few supports for the pound in recent weeks, as the Federal Reserve, the European Central Bank and other central banks turned dovish. Recent dismal data have dashed those hopes.

 

The dollar weakened for a third straight session on Friday, still pressured by expectations the Federal Reserve will start cutting interest rates at a monetary policy meeting later this month.

 

Sterling firmed on Thursday, erasing most of this week’s losses, after U.S. Federal Reserve Chairman Jerome Powell weakened the dollar by leaving the door open for rate cuts.

 

 

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