Breaking: Johnson's Brexit passes first hurdle, GBP/USD rises, second voting coming

Yohay Elam FXStreet

The government won has won the second reading of the WAB by a wide majority of 30 MPs – 329 to 299. The broad majority raises the chances that Johnson will also win the second vote. The Democratic Unionist Party (DUP) is set to vote against it. The second vote is on rushing the debate within three days.

GBP/USD is rising toward the daily highs of 1.2989. The second vote begins.

Follow all the updates in the special live coverage

GBP USD rises after Boris Johnson wins WAB vote

According to number crunchers in various media outlets, Prime Minister Boris Johnson was able to muster support for the Withdrawal Act Bill (WAB) in its first vote. However, the PM seemed to struggle to convince enough MPs to support the program motion.

That second vote forces the House of Commons to debate the deal at a breakneck speed of three days. The government hinted it may call off the next stages of the debate and opt for elections if the second motion is rejected.

See Three scenarios for today's two critical Brexit votes

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.