Pound Declines on Market Sentiment, Brexit Uncertainties

May 14,2019 09:54   Source:Earnforex

50 pound notes and some coins on the UK flagAs many other currencies, the Great Britain pound declined on Monday. While the negative market sentiment was the major reason for the decline, domestic news was not good as well.

The mood of market participants was gloomy today due to the trade spat between the United States and China. While the sterling is usually less susceptible to bad news from China as Britain does not have strong trading ties with the Asian nation, today the pound joined other currencies in a rout.

Meanwhile, it looks like the majority of members of the British Parliament remained in opposition to the Brexit withdrawal agreement between the United Kingdom and the European Union. Without MPs support, it is highly unlikely that UK Prime Minister Theresa May will be able to secure a trade deal with the EU.

This week will be very light in terms of macroeconomic data in Britain. The only notable report will come out on Tuesday, revealing how Britain’s labor market performed in March. Analysts estimated ahead of the report that the employment data should be about the same as in the previous month.

GBP/USD declined from 1.2992 to 1.2955 as of 21:23 GMT today after rallying to the high of 1.3040 intraday. EUR/GBP rallied from 0.8631 to 0.8659. GBP/JPY plunged from 142.60 to 141.52.


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