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The British pound has seen a rise in the past few days, even slightly breaking resistance. However, as the UK Parliament gets suspended until mid-October, the efforts of newly-elected Prime Minister Boris Johnson to hold a general election are put on a delay. This also prevents a no-deal ‘hard’ Brexit’s realization unless Johnson decides to welcome a negotiation period of three months. Even after data on UK employment showed significant growth on wage, while the unemployment rate slightly decreased, the pound still struggled to maintain a rally upwards due to the damage of the Brexit drama. On the other hand, the US dollar was neutral during Wednesday trades as investors shifted their focus onto the greenback and away from safe-haven currencies. Primarily, investors are now closely watching the European Central Bank’s meeting on Thursday to see whether it will impose a monetary policy easing as expected.
The US dollar is gaining strength from the current paradigm shift among investors, heading away from other safe-haven currencies towards the greenback. In addition, watchers are now awaiting the European Central Bank’s decision on a stimulus, which sets the tone for the next move of the US Federal Reserve, the Bank of Japan, and other major central banks worldwide. Over in Hong Kong, the Hong Kong dollar is seeing a downturn as protests continue against the passing of the extradition bill. Despite the fact that the governing body of Hong Kong finally dropped the push for criminal extradition, Hongkongers’ protests still persisted. Most notably, protesters have stormed a stadium and malls to demonstrate their movement as a united body, singing and chanting “Glory to Hong Kong,” a national anthem they created for themselves. Protesters are demanding a wider set of reforms, including a full democracy for their country.
The euro has recovered slightly after a huge plummet this week against the Danish krone. Despite seeing a bullish trend this early on September, a pullback two days ago has reset the trend. Notably, it did manage to regain steady footing, until today as investors await the announcement from the ECB whether or not it will cut interest rates, as well as provide stimulus to help the eurozone economy. Over in Denmark, it must be noted that consumer price inflation did manage to maintain a state of stability in August. CPI inched 0.4% higher, which is similar to the previous July pace and does not really point to any growth at all. Furthermore, Margrethe Vestager, a Danish lawmaker known for her investigative collision against big tech companies, was appointed as the European Commission’s executive vice president for digital, giving her control over the EU’s regulation of the digital sphere.
The euro slipped earlier after an attempt for a five-day bullish streak as investors get ready for the announcement of the ECB. The Turkish lira is also experiencing a downtrend as President Erdogan, over the week, has threatened to send Syrian refugees to Europe if no real support from the is given for their safe resettlement. Additionally, investors are now afraid that the United States could impose new sanctions, which would be devastating to the mid-eastern country’s economy, as a reprisal for Ankara’s purchase of weaponry from the US rival country, Russia. Uncertainty over Turkey’s central bank’s rate-cut decision also sparked fear among investors. According to Erdogan, Turkey would now cut interest and inflation rates into the single-digit territory. Analysts are now closely watching CBRT, expecting the bank to cut rates by 500 basis points, earlier than ECB’s decision.
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