Forex Today: Brexit dominates it all
|Here is what you need to know on Wednesday, September 4th:
- The Pound steal the show, falling against the greenback to 1.1957, its lowest since October 2016 to later recover toward the 1.2100 region. John Bercow, the speaker of the House of Commons, has confirmed that an application for an emergency Brexit debate has been tabled. Meanwhile, PM Johnson stated that he would seek an early election, should rebel Tories continue to opposing to an exit on October 31, adding that he won’t ask Brussels for an extension, even if the Parliament forces him to do so. The Parliament is debating a possible extension and will vote on the matter during Asian trading hours.
- US ISM Manufacturing PMI hit hard the greenback during US trading hours, falling into contraction territory for the first time in three years. Yields fell alongside with Wall Street as the report revived concerns about a US recession. The EUR remained among the weakest, ahead of ECB’s monetary policy decision, commodity-linked currencies were the best performers, followed by safe-havens.
- Gold neared the multi-year high set in August, stalled at $ 1,550.00 a troy ounce. Crude oil prices trimmed half of their daily gains but remained in a bearish path.
- Cryptos remained bullish Bitcoin at 2-week highs.
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