EU Diplomat: UK internal market bill may have huge negative consequences – Bloomberg

Dhwani Mehta FXStreet

The UK government’s internal market bill may have huge negative consequences, Bloomberg reports, citing remarks by a European Union (EU) diplomat on the matter.

The UK must urgently clarify its plans, the diplomat said.

The internal market bill is scheduled to be released around 1130 GMT while Prime Minister (PM) Boris Johnson is likely to address a press conference at 1500 GMT, per BBC political correspondent, Nick Eardley.

Market reaction

GBP/USD’s rebound from six-week lows of 1.2920 faces stiff resistance around 1.2955.

At the time of writing, the spot sheds 0.29% to trade at 1.2947.

Related reads

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.