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EURGBP Rallies on Uncertain Brexit Prospect
The pound sterling’s latest rebound could be short-lived for the lack of new development on the Brexit front. Unexpected cancellation of last Friday’s talks could only put fresh strain on an already tight schedule.
As both parties meet up this week, the prospect of resolving their differences seem to be rather dim. Traders can expect short-term volatility at the UK’s GDP release. Unless there is substance to the trade deal with the EU, Sterling is likely to underperform in the coming days.
The euro is supported by the trend line above 0.8950 and is positioned to rally to the previous high above 0.9400.
AUDJPY Rises Amid Bullish Commodity Prices
Regardless of news of a potential second wave of COVID, the Australian dollar’s V-shaped recovery is a testimony that there is firm optimism that the world’s economy might have bottomed out.
Rising prices of iron ore and copper, supported by returning Chinese demand, have contributed to a recovery i...
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