The Dollar’s Decline As The Theme Song

FX_IDC:USDGBP   U.S. Dollar / Pound Sterling
The US dollar is under the thumb of the president who got a handful of nothing during his visit to China. It’s interesting that yesterday Trump did not blame China for the trade balance deficit, but today he told the US ‘can no longer tolerate these chronic trade abuses’. Bad night, probably.
As it turned out, the Senate version of the bill differs a lot from the House version. It seems that Trump’s team will not be able to implement the reform by the year-end, which means USD will lose the bulls’ support.
So, someone has got a good chance to gain some points. The UK published a positive data today. The industrial production smashed the expectations, and the trade deficit narrowed. The positive figures helped the GBP to touch the highs at 1.3167.
During the press conference today, EU’s Barnier told that only real progress on 3 key issues would open the second phase of talks. UK’s Davis noticed it’s the time for both sides to seek solutions. Right on time.
The GBP-bulls tested 1.3190 resistance and retreated to the 1.3180 area. The 1.32 level is still a tough level to break, and a 'hard Brexit' is still not a myth.


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