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Brexit in a focus with no data releases from the UK

Monday, Apr 18 2016
With no major data releases from the UK today, traders continue to watch the Brexit polls and remain unsure as what to expect as the June 23rd vote approaches. While consolidation helped to shore up the GBP ahead of the weekend the underlying trend continues to point towards further bearishness in the run-up to the EU membership referendum in June.
Friday’s UK trade data does not bode well for the UK economy going forward, as researchers at BBH note: ‘The macro-picture is one of a larger than expected budget and trade deficit in early 2016, as well as a weakening industrial sector.’ Given the continuing intensification of the ‘Brexit’ debate and the increasing drag which uncertainty is likely to have on the domestic economy in the coming months the Pound is expected to maintain a dovish bias.
 
Tomorrow’s UK Consumer Price Index is expected to add further pressure to the pound exchange rate, as economics anticipate that inflationary pressure eased on the year in March. While a stronger figure would be unlikely to spur the Bank of England (BoE) into considering raising interest rates sooner a negative result could well push the Pound lower across the board.
 
Sterling is currently being traded few points above 1.4170 level. Pair is likely to find support around 1.4150 handle and resistance above 1.42 level. There will be no major data releases later today.
More in this category: « Euro little changed in a quiet Monday trade NAHB Housing Market Index at a level of 58 »

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