Forex news for US trading on October 12, 2016
Yesterday saw the GBP as the weakest currency and the JPY as the strongest. Today that dynamic was reversed. The GBP pairs all got a boost from concessionary remarks from PM May that parliament would have a say in the Brexit. That sent the pair up sharply in the Asian Pacific session. The NY session was not as GBP friendly, however, as UK Brexit Minister countered with "no party will have the right of veto on Brexit" and "it is governments right to trigger Article 50". At the same time, he commented that "government wants to create a national consensus on negotiations". So there was a little give and take. Nevertheless, the market had ear blinders on and back down went the GBPUSD. The GBP pairs ended up with gains on the day, but those advances were certainly off the peaks.
Forexlive Americas FX news wrap: FOMC meeting minutes told us what we knew already.
