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Stronger zloty and dollar (Afternoon analysis 26.09.2018)

26 Sept 2018 15:53|Marcin Lipka

Statements by leaders of the British political scene with little influence on the pound. A slightly stronger dollar before the Fed meeting. The stronger US currency is also accompanied by a slight zloty appreciation.

In Liverpool, the annual labourist convention ends. Today, the leader of this leading opposition group, Jeremy Corbyn, has given a speech. In the context of Brexit, the stance of the Labour Party was maintained stating that it would first and foremost want to force the ruling Tory to hold early elections. Therefore, the rejection of the Conservative plan for Britain's future relations with the EU is intended to do this.

Little new information and controversy also emerged during a speech by Theresa May at Bloomberg's Global Business Forum. May suggested that an agreement was still possible in the context of Brexit, but at the same time, she confirmed that she did not know when the negotiations would end. The prime minister also suggested a more attractive environment for companies after leaving the EU, which could mean, for example, tax cuts and investment opportunities for companies.

Today's statements made by leaders did not change the situation on the pound. Mostly because they were less controversial than, for example, leaders' comments after the Salzburg Summit, or suggestions from labourists to hold another referendum on Brexit.

The EUR/USD pair was close to 1.1730 at the beginning of the US session. This is a drop in relation to the levels recorded in the morning (about 30-40 pips), but the movement is still relatively limited and by no means determines the aggressive stance of investors before the evening press conference of the Federal Reserve. We still maintain that it should be relatively hawkish, but signals favouring the dollar do not necessarily mean a dramatic fall in the main currency pair.

26 Sept 2018 15:53|Marcin Lipka

This commentary is not a recommendation within the meaning of Regulation of the Minister of Finance of 19 October 2005. It has been prepared for information purposes only and should not serve as a basis for making any investment decisions. Neither the author nor the publisher can be held liable for investment decisions made on the basis of information contained in this commentary. Copying or duplicating this report without acknowledgement of the source is prohibited.

See also:

26 Sept 2018 13:06

Fed in limelight (Daily analysis 26.09.2018)

25 Sept 2018 15:57

Strategy of British opposition (Afternoon analysis 25.09.2018)

25 Sept 2018 13:15

Signals from ECB (Daily analysis 25.09.2018)

24 Sept 2018 16:00

Market reacts in unjustified way (Afternoon analysis 24.09.2018)

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