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  • GBP has fallen further on news cross-party Brexit talks have collapsed, raising the prospects of a no-deal exit. Labour leader, Jeremy Corbyn, said they have 'gone as far as they can' but ultimately talks on a compromise deal have ended without an agreement. Meanwhile a timetable for Theresa May's departure is apparently being set out, but the Prime Minister is determined to try and push her withdrawal agreement forward for a fourth time. Boris Johnson is an early front runner to take over. GBP/EUR has already fallen for 9 consecutive days, its worst run in 15 years, and at the time of writing it looked like we were heading for double digits.

  • The dollar has extended its gains in what has been a rather good week for the greenback. It has been supported mainly by outflows in foreign currencies, with GBP, EUR, Commodity dollars and emerging market currencies all losing out. As we highlighted the potential for the drop yesterday, Bitcoin was -11% on the day today, after recovering from an even sharper drop.

  • China's renminbi has extended its drop on escalated trade tensions, in what has been the worst week for EM currencies since the Turkish lira crisis last summer. China's state media has indicated a lack of interest in resuming trade negotiation talks with the US. Meanwhile a spokesman from China's Ministry of Commence has stated that he has no information on any US officials heading to Beijing for fresh round of trade talks.

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Editors’ Picks

EUR/USD depressed around 1.1260 as recovery loses steam

The EUR/USD pair attempted to recover some ground but lost momentum around 1.1280, now near daily lows. Majors confined to tight intraday ranges amid a limited macroeconomic calendar, central banks’ pessimism. 

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GBP/USD accelerates decline after losing the 1.2550 level

The Sterling is among the weakest currencies, undermined by Brexit turmoil. GBP/USD extends decline to fresh daily lows. Dollar still down against most major rivals. 

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USD/JPY: unable to recoup the 108.00 level

Mixed Chinese data fell short of spooking growth concerns, Q2 GDP at 27 years low. Quiet macroeconomic start to the week in Europe and the US. USD/JPY short-term bearish as long as it remains below the 108.30 level.

USD/JPY News

Forex Today: USD attempts a comeback, China growth slows, and Bitcoin recovers

The Chinese economy grew by 6.2% y/y in Q2, the weakest expansion in 27 years. Activity data showed a dramatic improvement, Antipodeans advanced further, Asian stocks traded mixed.

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Gold erases daily upside, sits comfortably above $1400

Despite a drop below the critical handle of $1400 last week, the troy ounce of the precious metal closed at $1415 but failed to push higher on Monday. As of writing, the XAU/USD pair was trading at $1410, losing nearly $5 on a daily basis.

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