FX Brief Cable Set to Close at a 2 Year Low as NoDeal Brexit Odds Rise

FX Brief: Cable Set to Close at a 2+ Year Low as No-Deal Brexit Odds Rise

GBP/USD dumped to close at a 2+ year low as both candidates for Prime Minister declared the Irish Backstop “dead,” increasing the risk of a no-deal Brexit later this year. Frontrunner Boris Johnson even suggested he could suspend Parliament ahead of Brexit Day in October.
US retail sales printed stronger-than-expected at +0.4% m/m (vs. +0.2% eyed). Core retail sales also beat expectations at +0.4%, though there were negative revisions to last month’s report on both fronts.
“Trade war” truce in danger? President Trump said he could impose more tariffs on China if he wanted and that there was a long way to go with China on trade.
The US dollar was the strongest major currency today while the aforementioned pound sterling was the weakest.
Bitcoin dumped to trade back below $10k after US lawmakers expressed skepticism over Facebook’s Libra cryptocurrency.
WTI crude oil fell nearly 3% on the day to trade back near $58.

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