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Pound Flat After EU Leaders Endorse May’s Brexit Deal

11/26/2018, 5:51:33 PMMarket Analysis
Pound Flat After EU Leaders Endorse May’s Brexit Deal

The British pound was little changed on Monday in Asia after European Union leaders gave their official endorsement of U.K. Prime Minister Theresa May’s Brexit withdrawal, and warned British politicians that it was the best deal possible for Britain because there is no “plan b.”

The GBP/USD pair last traded at 1.2815 at 11:46 PM ET (04:46 GMT), up 0.01%.

May needs to gain Parliamentary approval for the deal in Westminster to move forward with Brexit and failure could lead the U.K. leaving the EU without a deal, according to reports.

Meanwhile, the NZD/USD pair rebounded 0.13% to 0.6791 after falling to near 0.6755 earlier in the day, after New Zealand’s statistics agency showed on Monday that the country’s quarterly retail sales were flat in the third quarter, shy of market expectations of a 1% rise.

The AUD/USD pair also gained 0.2% to 0.7248.

The U.S. dollar index that tracks the greenback against a basket of other currencies remained unchanged at 96.825.

All eyes this week would be on U.S. President Donald Trump and his Chinese counterpart Xi Jinping’s planned meeting at the G-20 meeting that kicks off on Friday.

Market watchers are hoping that talks between the pair could lead to a ceasefire in the trade war between Washington and Beijing.

The USD/CNY pair slipped 0.06% at 6.9450 as the People's Bank of China (PBOC) set the yuan reference rate at 6.9453 vs Friday's fix of 6.9306.

Looking ahead, Federal Reserve Vice Chairman Richard Clarida speaks in New York on Tuesday, and Chairman Jerome Powell addresses the New York Economic Club on Wednesday.

Elsewhere, the USD/JPY pair gained 0.2% at 113.21.