Clarity may emerge on Brexit this week – ING


ING’s Robert Carnell anticipates more clarity over the Brexit to emerge during this week. Mr. Carnell also seems to have optimistic view concerning the US-China trade relations while supporting the odds of a slow grind lower.

Key quotes

“Now, we either get a "meaningful vote" today, or more probably, a vote on the "programme motion", which sets out the timetable for legislation votes over the days ahead. That, if it goes ahead, will still try to meet the October 31st deadline.”

“On paper, at least, it also has the votes to get through, though only by a whisker. 5 votes according to what I have been reading this morning.”

“Sterling has given back a bit of ground, but with the prospects of a no-deal outcome seeming to dim, that weakness may prove short-lived. I have some modest euro-denominated bills to pay, so I may wait a couple of days.”

“Risk sentiment more broadly is improving on growing hopes for a partial trade deal, and perhaps also a bit on looming Brexit relief.”

“Perhaps what this is telling us is that we are not about to lurch into some sharp slowdown, but that a continued slow grind lower is in prospect.”

“A more workable definition might be that a rate of global growth of 3% or less would constitute a global recession. Any guesses what the latest IMF forecast for global growth in 2019? It's 3%, down from their earlier estimate of 3.2%. In other words, recession, already. They do forecast a pick up to 3.4% in 2020 incidentally. But I think that will be contingent on the trade war.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

Dollar in trouble, EUR/USD recovers the 1.1000 level

The American currency came under selling pressure, although the EUR/USD pair is a laggard, barely above the 1.1000 figure. Trump´s impeachment process seems to be behind the latest slide.

EUR/USD News

GBP/USD approaches 1.2900 as the greenback eases

The GBP/USD pair is at fresh weekly highs in the 1.2880 region, as speculative interest moved away from the dollar, and in spite of poor UK data.

GBP/USD News

USD/JPY slumps to fresh 10-day lows near 108.30 on falling US T-bond yields

The USD/JPY pair came under renewed bearish pressure during the American tracing hours and slumped to its lowest level in ten days at 108.25 as the dismal market mood allowed the JPY to continue to gather strength against its rivals as a safe haven.

USD/JPY News

Gold: the $1,470 regions caps the upside

Prices of the precious metal keep the positive performance in the second half of the week, although the $1,470 region continues to cap the upside for the time being.

Gold News

Crypto bulls and bears meet at the crossroads

Cryptocurrencies are experiencing sharp falls among the main actors of the top-three cryptos by market capitalization. If in the past few days XRP was the top representative of fear, now red is also the color of Bitcoin and even Ethereum.

Read more

Forex MAJORS

Cryptocurrencies

Signatures