Forex Today: Brexit chaos overshadowed US-China trade tensions
|Here is what you need to know on Tuesday, September 3rd:
-Brexit-related headlines took over the financial world, particularly with the US and Canada on holidays. Most of the London session was filled with speculation of whether MPs will be able or not to block a hard-Brexit, also about a snap election. The GBP/USD pair lost 1.2100 and neared August multi-year low at 1.2014. UK PM Boris Johnson made a surprise statement at the doors of Downing Street, calling for MPs to vote in line with the Government and not to weaken the UK negotiation´s position or ask for another useless delay. He added that he doesn’t want an election, and believes that the people neither want it. Repeated Brexit will happen on October 31st no matter what.
-The EUR/USD pair reached a fresh 2-year low at 1.0957 after the final version of the Markit Manufacturing PMI was downwardly revised to 43.5 in August, falling for a seventh consecutive month.
- Save-haven assets appreciated in the US afternoon, as despite the market was closed, Wall Street futures were under selling pressure. Asian equities poised to open lower.
- Oil edged marginally lower, weighed by US-China trade tensions.
-Bitcoin recovered past 10,000.
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