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16.05.2019: Pound declines amid risk aversion (EUR, USD, GBP, GOLD)

Having made a zig-zag movement, the euro-dollar pair returned to the area near 1.12.
Reportedly, the United States does not intend to be involved in a trade conflict with China and Europe simultaneously. This news lightened up investors’ mood. The euro gained ground as Donald Trump pledged to postpone tariffs on cars manufactured in Europe for six months. Now the single European currency has every chance of hitting May’s highs. On the flip side, market participants are not satisfied with the economic outlook. Overall, the current conditions are good enough to cap the euro’s downside ahead of Trump’s decision on tariffs.
Today the euro inched up against the US dollar that is still weak. In the middle of the European session the EUR/USD pair was trading near 1.1209. After a temporary lull in the trade dispute between the United States and China, a new wave is to hit the market. Washington plans to put Chinese manufacturing giant Huawei on a list of companies that act against the US interests.
The demand for safe-haven assets increased. The yen has strengthened across the board. At the same time, gold was trading sideways, influenced by various factors. On Thursday, the quotes were hovering slightly below the key level of 1,300 dollars per ounce. The price broke this level last week amid the trade war escalation.
Meanwhile, pound traders are in bad mood. On Wednesday the British currency was the worst performer. Today the GBP/USD pair is still moving downwards, hovering near the level of 1.2821. Probably, the pair will dive to this year’s low at 1.2773. Deterioration of the labor market conditions, low appetite for risk, and lack of progress in Brexit talks put the pound sterling under pressure.
Besides, the UK Prime Minister is facing certain difficulties. Theresa May is expected to resign but she made it clear that she would not leave office until the Parliament approves the Brexit deal. Allegedly, Ms May will put the draft agreement on agenda again.
Today the Prime Minister plans to meet with the Conservatives.

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