Forex News

Crude oil: OPEC+ pledge to cut supply enough to boost prices?

The big 20% drop in oil prices in just over a month – triggered due to the sudden realisation by investors that the crude oil market had been excessively oversupplied – had clearly worried the OPEC+, whose representatives met in Abu Dhabi over the weekend. The cartel’s de facto leader, Saudi Arabia, announced a 500,000 …

GBP/USD: Brexit Whiplash Continues

Just as we hit “publish” on last week’s GBP/USD update, traders’ tone toward the pair started to sour. The proximate catalyst for the reversal was a disappointing GDP report, but more broadly, the continued uncertainty surrounding a satisfying Brexit agreement is weighing on sterling bulls. Today’s updates on the Brexit front have been…mixed. EU negotiator …

USD/CHF ignores stock market volatility

Although slightly higher today, the perceived safe-haven Swiss franc has been repeatedly hitting new lows on the year against the US dollar, despite the recent stock market sell-off. In large part, this has been because of the growing disparity between the Swiss and US monetary policy stances. Whereas the Federal Reserve is on a hiking …

Pound surges on reports EU and UK have agreed on Brexit text

My US colleague Matt Weller was absolutely correct when he noted yesterday that “… we suspect this won’t be the last Brexit/GBP report we write this week!” So, here we are again, writing about the pound and Brexit. The latest situation is that optimism is once again on the rise that a deal on the …

EUR/USD: 1.1300 is the “Line in the Sand” This Week

Brexit is once again grabbing all the headlines, as my colleague Fawad Razaqzada highlighted earlier today. The situation remains highly fluid, and with everything from an agreed-upon withdrawal bill to a change in government on the table within the next 24 hours, GBP traders may want to stay on the sidelines in the short term. …

Brexit Cabinet Meeting in Focus, German Economy Shrinks, and US CPI Eyed

Another day, another article on the pound that I am forced to write on as volatility continues to remain high as market participants react to incoming Brexit-related headlines ahead of UK Prime Theresa May’s key cabinet meeting later today. Meanwhile, today’s European data have been far from great, while Italy’s ongoing stand-off with the EU …

EU stocks relinquish gains as May’s Brexit cabinet meeting nears conclusion

European stock indices, including the UK’s FTS 100, came sharply off their earlier highs ahead of the outcome of UK Prime Theresa May’s key cabinet meeting, likely to be after 17:00 GMT. Doubts have risen whether she will be able to win her colleagues’ support for the draft Brexit agreement as some Brexiteers fear it …

Brexit Update: Up, Down, Up, Down, Down…Up…

As anticipated Monday, we’ve already spilled plenty of digital ink on this week’s Brexit developments (see here, here, and here for examples), but the hits just keep coming! The following is a brief (approximate) timeline of the headlines out of today’s rollercoaster of a cabinet meeting at 10 Downing Street [market comments in brackets]: 14:10 …

BREXIT: Disaster for PM May as Raab among several ministers to quit

The handling of the whole Brexit process by the UK government has frankly been a total disaster, to put it nicely. Today saw several more ministers resign, this time over the Draft Withdrawal Agreement from the EU which was secured last night. With the pressure growing on Theresa May’s position as UK prime minister, sterling …

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