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GBPCAD Drops on Brexit Uncertainty
Encouraging signs are emerging at the end of Britain’s lockdown with retail sales jumping by 12% in May. Nevertheless, the pound sterling drifts lower as markets have shifted their attention to Brexit talks.
With only six months left before the end of the transition period, both London and Brussels seem to be kicking the can down the road unless one side blinks. The threat of a ‘no deal’ is again on the table in an attempt to put pressure on the negotiating parties. As a result, the pound may remain the collateral damage.
The pair has met stiff selling pressure near 1.7150. Last March’s low of 1.6600 would be the next target in sight.
EURAUD Struggles as Rescue Details Diverge
Following the European Commission’s 750 billion euro recovery proposal, initial optimism in regard to the common currency has faded away across markets. The euro is still struggling against a flamboyant Australian dollar as markets await the plan’s adoption by the 27 states. ...
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