Boris Johnson faces Remainer plot to thwart no-deal Brexit – The UK Telegraph

Anil Panchal FXStreet

Ahead of his official campaign to win the UK PM race, Boris Johnson is likely to face challenges to previous promises of exiting the EU with or without a deal on October 31, as per the UK Telegraph news.

The British daily says on early Wednesday that remain-backing members of the parliaments (MPs) will attempt to thwart Boris Johnson’s plans for a no-deal Brexit on the day he launches his campaign to become the next prime minister on Wednesday.

The news report further says that within hours of Mr. Johnson's campaign launch, Remain-supporting MPs, led by a key ally of Michael Gove, will try to kill off no deal once and for all in a plot to make it illegal.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.