British pound mostly lower as traders watch emerging markets

REX  Shutterstock Thousands of anti Brexit demonstrators take part in The People's Vote march for a second EU referendum in central London on the second anniversary of the EU referendum. People's March for

REX Shutterstock Thousands of anti Brexit demonstrators take part in The People's Vote march for a second EU referendum in central London on the second anniversary of the EU referendum. People's March for

Strong employment or inflation data - both reports are due this week - are unlikely to help the pound significantly, analysts said.

A break down below the ¥140 level would be catastrophic and open the door to ¥137.50 rather quickly. This week so far, GBP/NZD has been trending with a downside bias but remains close to the week's opening levels.

In the absence of any new data today and with no-deal Brexit fears having cooled somewhat, the Pound is trading narrowly with the majority of its peers. It is ultimately putting a cap on the Pound's potential for gains against rivals. Most investors still expect Britain to secure a trade deal with the European Union, but the risk of no deal is rising. Beyond the uncertainties brought about due to Brexit negotiations, falling rate hike expectations are another negative factor for the pound.

"However, todays wage growth figures could undermine this, particularly with the increasing threat of a no-deal Brexit".

Amid a lack of fresh drivers, concerns about how the Brexit process could impact Britain's economic outlook continued to keep pressure on Sterling on Monday.

Against the euro, the pound has held up better as demand for dollars has held back the euro.

Last week saw substantial losses in GBP value relative to Dollars as a combination of Brexit jitters and the US-China trade war saw investors flock to the safe haven of the "Greenback".

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The US dollar is likely to continue being driven by safe-haven demand throughout the session, with a lull of noteworthy domestic data today keeping USD investors focused on developments overseas.

With investors seeking safe havens, riskier currencies like the New Zealand Dollar have been sold. This was the weakest point since September previous year.

Weaker-than-forecast wage growth offset an unexpected fall in Britain's unemployment rate on Tuesday, curbing sterling's recovery from last week's 13-month lows.

Key UK data will be published from Tuesday through Thursday.

The latest stats showed a downturn in the United Kingdom unemployment rate in June, with the figure now sitting square at 4 per cent. Later this week, we'll see inflation figures for July.

If UK inflation is lower than expected, investors may become concerned that the BoE's August interest rate hike was unjustified.

Downside risks have pressured the GBP/USD exchange rate lower for two consecutive weeks.

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