The Pound Sterling is lower against the US Dollar, after today’s release of disappointing construction data.
The trade war between the United States and China escalated on Tuesday after U.S. President Donald Trump announced another 25 percent tariff on nearly $50 billion of Chinese imports.
The Pound Sterling continued to climb during London trading on Tuesday after the release of the latest manufacturing data from the UK.
Monday’s stock selloff on Wall Street extended into Asia on Tuesday as investors pointed fingers at U.S. President Donald Trump whose staunch protectionist policies and sometimes rash decisions have caused a trade war to escalate between the United States and China.
Oil prices held onto gains made during the Asian trading session on Monday afternoon in London, bolstered by a decline in U.S. production that was reported at the end of last week.
Asian markets started April on positive ground on Monday, even after China announced fresh tariffs on 128 U.S. products in response to steel and aluminum tariffs out of the United States.
This week will see a heavier news agenda, with little central bank input expected, but crucial U.S. Non-Farm Payrolls data will be released and is likely to dominate the market.
The US Dollar remained steady during Asian trading on Friday, though analysts caution that, ahead of a new quarter which begins next week, the greenback will likely have run out of steam.
The Pound Sterling edged lower against the US Dollar and the Euro during Thursday trading in London but is still poised to record its best quarter in more than three years.
British Prime Minister Theresa May vowed on Thursday to keep the United Kingdom “strong and united” after Brexit.
"The malicious practices of the United States are like opening Pandora’s Box, and there is a danger of triggering a chain reaction..."
The Pound Sterling is struggling to gain traction despite positive news that the British government will offer a new solution to the issue of the Irish border which is currently delaying Brexit negotiations.
Wall Street indexes closed lower on Tuesday, sparking a downturn in Asian markets that spread into Wednesday afternoon.
The common currency Euro had earlier struck a fresh 5-week peak versus the US Dollar as concerns that a global trade war had been brewing now seem to be receding.
Global stock markets were broadly higher in Asia after the Wall Street Journal reported that the United States and China were “quietly” negotiating a potential trade deal