British Pound Takes a Hit on No Deal Brexit Fears

British Pound Takes a HitSubdued trading conditions continue into the midweek the only market showing any noteworthy change from daily opening levels is the British Pound. The UK currency has taken quite a hit over the past several days trading back down to its lowest level since early January when itself to a yearly low.

Market fears over the fate of Brexit that have ramped up once again after Theresa May’s latest attempt to get a deal done was laughed off the table. Now, attempts to oust the prime minister making headlines once again though the PM has done a remarkable job hanging in to this point.

Despite what seems to be an inevitability sooner than later softer UK inflation readings and news of British steel being put into liquidation didn’t help the British Pound’s cause either.

Even with all of this mess the pound has managed to find some support in to the dip and only trades off about a half a percent from where the day opened up.

USDCAD saw some whippy trade but ultimately was trading around opening levels after an initial attempt to the downside on better than expected Canada retail sales.

The market has good reason to consolidate and hang tight from here into the North American afternoon with all eyes turning to the anticipated release of the Fed minutes.