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Pound Is ‘Untradeable’ as Brexit Drama Fuels Volatility Spikes

Wall Street is finding it harder to trade sterling as the drama surrounding Brexit roils the British currency. The pound’s short-lived rally on Wednesday after U.K. Prime Minister Theresa May secured Cabinet backing for her draft deal turned to aggressive selling on Thursday as several ministers resigned and questions of a leadership challenge arose. Cable’s one-month implied volatility spiked to the highest level since 2016 as the pound posted its biggest drop in more than a year against the dollar. While passive algorithmic strategies can handle the extreme, headline-driven swings, ...

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Sterling slump sparks dash for options to protect investments

Foreign exchange derivatives indicate markets are bracing for a fresh round of volatility in sterling, with investors ramping up purchases of options giving them the right to sell sterling if Brexit uncertainty escalates. British assets suffered a sharp selloff after British Prime Minister Theresa May’s Brexit deal sparked a wave of resignations, raising serious doubts about her leadership and whether the United Kingdom can avoid a disruptive exit. The pound fell almost 2 percent against the dollar GBP=D3 and the euro EURGBP=D3 on Thursday, a magnitude not seen since shortly ...

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Sterling rebounds as PM May survives resignations; euro gains

The British pound clawed back losses on Friday as Prime Minister Theresa May clung to her Brexit plan after the resignation of key ministers threw the divorce deal into doubt. Sterling on Thursday suffered its worst day versus the euro since 2016 after Brexit minister Dominic Raab resigned, leaving investors panicking that Britain could soon exit the European Union without a trade agreement. But the pound rallied nearly half a percent on Friday as May struck a defiant tone and vowed to take Britain out of the European Union in ...

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Cheaper oil helps trim bearish bets against Asian currencies

Bearish bets on most Asian currencies slackened over the last two weeks, a Reuters poll showed, as a plunge in oil prices benefited the region’s major crude importers, India and to a lesser extent Indonesia and the Philippines. More short positions were unwound in the Indonesian rupiah than in other regional currencies, a poll of 12 respondents showed. Short rupiah positions were at their lowest since early September. The poll was conducted before Indonesia unexpectedly raised its policy interest rate on Thursday, when most analysts had predicted it would be ...

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Pound dives as UK PM May fights for survival

Sterling tumbled on Thursday after a series of resignations rocked British Prime Minister Theresa May’s government and threw into doubt her long-awaited Brexit agreement just hours after it was unveiled. The pound slumped nearly 2 percent against the dollar and euro and was set for its biggest daily drop this year after Brexit minister Dominic Raab resigned to protest at the draft deal with the European Union. Three other ministers followed suit. Fears that May’s hard-fought Brexit deal could collapse sent British financial markets into gyrations not seen since the ...

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U.S. Dollar’s Safe-Haven Status May Not Be So Safe, BofA Says

Currency traders may not want to put all their trust in the dollar’s status as a haven, especially if the U.S. trade conflict with China calms down. The greenback is the “dominant” haven when the most pressing risks are associated with China, Bank of America strategists including Adarsh Sinha wrote in a note to clients. A cooling of tensions with China could bring political brinkmanship in Europe and the U.S. into focus, when the yen and Swiss franc would likely offer better risk-reward going into next year, the strategists wrote. ...

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Dollar, yen gain as British Brexit turmoil spooks investors

The dollar jumped and traders bought into the safe-haven yen on Thursday after Britain’s Brexit deal with the European Union was plunged into uncertainty, spooking investors. The resignation of British Brexit minister Dominic Raab sent sterling plummeting more than one percent, reversing the euro’s gains and boosting the greenback. The dollar index rose 0.3 percent <.DXY> to 97.123, while the yen gained 0.2 percent to 113.355 against the dollar. Both currencies are sought out as safe places to park your cash in times of market flux. “The dollar is benefiting ...

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Euro, pound rise as trader eye Brexit, Italy

The euro and sterling rose on Wednesday as traders monitor the latest developments between the European Union and Britain on the latter’s departure from the economic bloc, and the EU and Italy on the resubmission of the latter’s 2019 budget. Hopes the U.K. parliament would approve a draft accord for Brexit have bolstered the two currencies, while the euro has been bogged down by uncertainty on how EU officials would react to Italy’s latest fiscal proposal after they rejected them last month for violation of certain EU rules. “The focus ...

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Euro under pressure as Italy sticks to deficit target in budget

The euro hovered below $1.13 on Wednesday as Italy re-submitted its draft budget for next year to the European Commission and traders prepared for economic growth numbers due out later. Major currencies traded in tight ranges, with the dollar edging lower from a 16-month high as investors took profits. Sterling, which surged on Tuesday after Britain and the European Union agreed a draft Brexit deal, was calm as traders prepared for Prime Minister Theresa May’s showdown with colleagues when she will try to sell her Brexit agreement. Italy re-submitted its ...

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Hopes for Brexit deal lift euro and sterling

The euro and sterling rose on Tuesday as Britain and the European Union agreed on a preliminary text for the nation to leave the economic bloc in a bid to avoid a chaotic divorce that would disrupt the region’s economy. The stronger euro and sterling spurred profit-taking in the dollar, which reached a 16-month peak against a basket of currencies on Monday. Uncertainty over the terms of Brexit has bogged down both the euro and sterling because a deal is needed to keep business open between the EU and Britain, ...

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Pound Hedging Costs Surge to 22-Month High as Brexit Looms Large

Hedging against swings in the pound hasn’t been this expensive in almost two years as traders seek to make sense of contrasting headlines about the fate of the U.K.’s divorce talks with the European Union. Sterling’s one-month implied volatility versus the dollar increased a fourth day and touched 11.58 percent, the highest since January 2017, after U.K. Prime Minister Theresa May said late Monday that Brexit negotiators were working through the night as talks enter the “endgame.” Nineteen months after Britain triggered its exit from the EU, negotiators believe they ...

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Even Dollar Bears Wary of Betting Against Greenback Just Yet

Dollar bears may want to hibernate this winter. Although many currency strategists see the greenback resuming its downtrend in 2019, some are advising investors to keep their powder dry for now. The Bloomberg dollar index climbed as much as 0.6 percent Monday and touched its strongest level in almost 18 months. The greenback was buoyed last week by a decline in U.S. stocks and signals from the Federal Reserve that it doesn’t plan to budge from its tightening path, and received further impetus Monday as political risks helped drag down ...

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Euro bounces but Italy, Brexit test nerves

The euro edged up from a 16-month low on Tuesday as some investors consolidated positions but concerns about Italy’s budget proposals, poor German data and Brexit negotiations sapped broad appetite for the single currency. While long dollar bets remain among the most crowded trades in the foreign exchange markets, the euro has been pegged back by a series of negative headlines about the European economy, which is struggling to gain momentum. “The euro’s drop below the $1.13 line surprised some investors and the latest headlines from Italy and Brussels has ...

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Euro drifts up but Italy, Brexit talks weigh

The euro drifted up from a 16-month low on Tuesday as a pause in the dollar’s rally prompted some investors to purchase the single currency, though concerns about Italy’s budget proposals and Brexit negotiations are likely to cap any gains. Tuesday is the deadline for Italy to resubmit its budget proposals to the European Union after a showdown between Rome and Brussels over the government’s spending plans that has rattled bond markets and weighed on the single currency. [GVD/EUR] The progress of Brexit talks with the European Union has been ...

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Dollar hits 16-month peak; Brexit fears sink pound

The dollar reached a 16-month high against a basket of currencies on Monday as investors built bets on a Federal Reserve interest rate increase next month, and political risks in Europe put pressure on the euro and the pound. Fears about a no-deal Brexit and a growing rift in Europe over Italy’s budget have also boosted the dollar. Last Tuesday’s U.S. elections produced a split control of Congress that suggested more fiscal stimulus measures are unlikely, sparking a wave of selling in the dollar. The greenback has since recovered on ...

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