GBP/USD pair trades to the downside due to the recent weakness that is caused from the broad risk-off mood and economic fears, retail traders’ restrictions and China’s warning to Taiwan. Also, weighing on the quote could be the EU-UK tussle over the vaccine, Brexit issues and virus worries.
Global traders worry about further restrictions on retail trading. Recently, the private trading platform Robinhood said that the firm is in constant communication with the regulators while also revealing issues while trading cryptocurrencies. Adding to it, the US House Financial Services Committee is up for a hearing on short selling and online trading platforms while some more brokers joined the line of Robinhood to tame the volatility and speculations.
And another news joins the line, UK recently turned down direct flights from United Arab Emirates (UAE), Burundi and Rwanda as domestic cases jumped to 28,680. The move pays a little heed to the receding death toll from 1,725 to 1,239, reported by Reuters on Thursday.
British Prime Minister Boris Johnson reiterated Brexit problems and disappointment of business in the fisheries sector. The Tory leader said, “Of course there are there are teething problems in lots of areas and that’s inevitable because this is a big change.”
Also China’s warning of war to Taiwan increases the risks as the US may have another reason to meddle with Beijing and the UK can intervene as well.
On the other hand, Initial jobless claims in regular state programs fell by 67,000 to 847,000 in the week ended Jan. 23, Labor Department data showed Thursday. On an unadjusted basis, initial jobless claims dropped to 873,966. Continuing claims — an estimate of the number of Americans filing for ongoing unemployment benefits — dropped by 203,000 to 4.77 million in the week ended Jan. 16.
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