Forex Today: Weekend noise anticipates a shaky start to the week
|Here is what you need to know Monday, October 21st:
- Brexit remained in the limelight. On Saturday, the UK Parliament passed an amendment that forced PM Boris Johnson to ask for an extension, something that he did late Saturday. EU’s Council President Donald Tusk confirmed that he received the letter, and that will now pass it to the EU27. Johnson still aims to pass the Withdrawal Bill this week and pull the UK out of the Union by the end of October, or shortly after.
- Given Brexit-related news, the action is granted at the weekly opening. Speculators are evenly split between optimism and pessimism, as the delay in Brexit could be read as another disappointment, yet at the same time, bring additional relief. Major pairs are expected to gap at the weekly opening.
- The greenback fell by the end of the week on the heels of dismal US data and poor earnings reports, which lifted concerns about a probable US recession. Safe-havens were modestly up, holding within familiar ranges, indicating that the markets are somewhat willing to remain positive.
- Crude oil prices fell Friday, dragged by the sour tone of Wall Street and worse-than-expected Chinese Q3 GDP, putting a lid on future demand.
- Cryptocurrencies traded dully throughout the weekend, consolidating at the lower end of their monthly range.
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