Forex Today: GBP/USD storms to a two-month high, confusing reports about trade talks keep markets guessing


Here is what you need to know on Friday, September 20:

  • GBP/USD has soared to a two-month high after European Commission President Jean-Claude Juncker expressed hope of reaching a deal by the October 31 deadline. He also suggested the Irish backstop might not be needed. The Bank of England left its policy unchanged as expected.
  • Trade: Contradicting accounts by two White House advisers about US-Sino talks have kept markets in balance. Larry Kudlow said that talks have seen some “softening” while Michael Pillsbury said that President Donald Trump may slap new tariffs if no progress is made.
  • US data released on Thursday was decidedly positive. Existing Home Sales, the Philadelphia Fed Manufacturing Index, and weekly Jobless Claims all beat expectations. John Williams, President of the New York branch of the Federal Reserve, Eric Rosengren of the Boston Fed speak later today. They may both comment on Wednesday’s decision to cut interest rates but signal no further cuts. Rosengren voted against the move.
  • Oil prices have remained stable despite Iranian warnings to go out on an “all-out war” if attacked. The Canadian dollar has been unchanged as well. Canadian retail sales are due out later in the day.
  • Bitcoin has settled above $10,000 once again while Altcoins have consolidated their gains.
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