• GBP has fallen further on news cross-party Brexit talks have collapsed, raising the prospects of a no-deal exit. Labour leader, Jeremy Corbyn, said they have 'gone as far as they can' but ultimately talks on a compromise deal have ended without an agreement. Meanwhile a timetable for Theresa May's departure is apparently being set out, but the Prime Minister is determined to try and push her withdrawal agreement forward for a fourth time. Boris Johnson is an early front runner to take over. GBP/EUR has already fallen for 9 consecutive days, its worst run in 15 years, and at the time of writing it looked like we were heading for double digits.

  • The dollar has extended its gains in what has been a rather good week for the greenback. It has been supported mainly by outflows in foreign currencies, with GBP, EUR, Commodity dollars and emerging market currencies all losing out. As we highlighted the potential for the drop yesterday, Bitcoin was -11% on the day today, after recovering from an even sharper drop.

  • China's renminbi has extended its drop on escalated trade tensions, in what has been the worst week for EM currencies since the Turkish lira crisis last summer. China's state media has indicated a lack of interest in resuming trade negotiation talks with the US. Meanwhile a spokesman from China's Ministry of Commence has stated that he has no information on any US officials heading to Beijing for fresh round of trade talks.

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Editors’ Picks

EUR/USD recovery reaches critical 1.1170 price zone

The EUR/USD pair bounced from a fresh multi-year low of 1.1106, although the advance stalled in the 1.1170 region, with the pair having been unable to extend gains beyond it since last Friday. Bulls to become more courageous if the advance extends beyond 1.1200.


GBP/USD modestly up for the day after flirting with 1.2600

The GBP/USD pair is poised to close in positive ground for the first time in ten days, a result of an extremely overbought dollar and US data giving bulls a reason to take some profits out of the table. Brexit chaos persists, Pound gains unlikely.


USD/JPY trades at weekly lows near 109.70 as risk aversion dominates

The USD/JPY pair met a renewed selling pressure in the American trading hours amid intensifying flight-to-safety and touched its lowest level in a week at 109.68.


Market confidence in doldrums as PMI surveys plummet

US and German PMI surveys failed to muster any form of confidence in the growth picture, with stocks and the dollar under pressure today. The UK political picture looks bleak, with the chances of a no-deal Brexit or general election rising with May’s departure. 

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Gold jumps to weekly tops and retreats, still well bid near $1280 level amid risk-off mood

Gold built on its intraday positive move and spiked to fresh weekly tops, around the $1284 region in the last hour, albeit retreated a bit thereafter.

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