Brexit talks over breakfast

The meeting between Boris Johnson and his Irish counterpart Leo Vardkar has ended on a surprisingly positive note with the two sides saying that they may have found a potential solution for a Brexit deal. The pound bounced late Thursday in one of the steepest one-day rises in the last five months and seems to be holding above $1.245 as EU negotiators have grabbed onto the positive momentum. 

EU’s Michel Barnier and Brexit Secretary Steve Barclay are talking about possible solutions over croissants and coffee in Brussels on Friday morning raising hopes that the PM will have a Brexit deal to offer MPs by the October 19 deadline. 

Although the FTSE is a touch lower, weighed down by declines in luxury brand Burberry Group and advertising firm WPP the list of gainers this morning is far more impressive as the recently battered property companies and banks lead the recovery. RBS and Lloyds have rallied 4.88% and 4.56% respectively, while Persimmon, Kingfisher and Barratt Development are following closely behind. 

 

Oil price slide comes to abrupt stop as oil tanker explodes

The quiet stretch in the Middle East came to an end overnight as an Iranian oil tanker exploded off the coast of Saudi Arabia. While the market is still waiting for details of what actually happened Friday morning Brent crude prices are already rallying back up above $60. The temporary slide into the $58-$59 territory earlier this week caused by worsening US-China relations and concerns over future Chinese oil demand is now over. 

Later in the day the CFTC’s commitment of traders report for the oil market will shed some light about how money managers repositioned themselves in this commodity during the last week particularly after recent build up in US crude oil inventories and the EIA revising its outlook for 2020 oil prices.

CFD and forex trading are leveraged products and can result in losses that exceed your deposits. They may not be suitable for everyone. Ensure you fully understand the risks. From time to time, City Index Limited’s (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material. As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.

EUR/USD News

GBP/USD hits new 2020 low amid Brexit rhetoric, coronavirus headlines

GBP/USD has dipped below 1.2800, hitting a new 2020 low as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.

GBP/USD News

XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

Gold News

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures