Forex Today: political turmoil led the way
|Here is what you need to know on Thursday, September 26th:
- Wednesday was all about political uncertainty, with sentiment changing course from negative to positive. Nevertheless, the greenback stands victorious at the end of the US session.
- EUR and GBP were among the worst performers, with EUR/USD now close to year lows.
- News that China is looking to buy more agricultural products from the US, and comments from President Trump, noting a deal is “close than you think,” failed to boost sentiment during the first half of the day but added to the optimistic stance in the US afternoon.
- Trump released the transcript of the call with Ukraine authorities, and the Justice Department concluded that he didn’t violate the campaign finance laws, diminishing chances of impeachment.
- In the UK, The UK Parliament resumed with MPs engaging in a blame discussion without clearly indicating what they would do next. Irish PM Leo Varadkar said that the UK must table written proposals to solve the Irish border issue before the next EU summit that would take place mid-October. UK PM Johnson addressed MPs in the American afternoon, calling upon opposition parties to call a vote of no-confidence in his government or stand aside and vote for whatever deal Johnson gets. Loads of uncertainty weighed on Sterling now trading around 1.2350 against the dollar.
- Safe-havens changed course with the USD/JPY pair up to 107.80 and gold down toward 1,500.00 as US repo auction was oversubscribed.
- Cryptos consolidate losses, BTC/USD stable around 8,300.00.
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