Forex Today: An imminent Brexit deal adds to the X-mas eve cheer

Dhwani Mehta FXStreet

Here is what you need to know on Thursday, December 24:

Brexit: Markets eye a Brexit breakthrough on X-mas eve, awaiting a joint conference likely to be held by the UK PM Boris Johnson and EU Chief Ursula von der Leyen at 0800 GMT.

According to media reports, both sides will talk at 0700 GMT before addressing the presser. The discussion over the key contentious issues on fisheries and the level playing field was carried on overnight, with the UK and EU leaders now on the verge of striking a deal.

Most major European markets remain closed amid the Christmas holiday. The sentiment remains upbeat amid the Brexit optimism, weighing on the safe-haven US dollar. GBP/USD held the higher ground around 1.3550, consolidating Wednesday’s rally. Holiday-thinned markets could trigger unusual FX volatility.

US Stimulus: Markets have shrugged-off President Donald Trump’s threat to the $900 billion covid relief package. House Speaker Nancy Pelosi agreed with Trump’s view on larger individual checks and said the House would try to pass this proposal on Thursday. Trump said that the $600 payment should be $2,000.

Commodities cheered the risk-on action in the Asian equities. Gold extended gains and tested the $1880 level. WTI consolidated its recovery from weekly lows, holding firmly above the $48 mark.

Cryptocurrency market losses $50 billion in market capitalization as XRP price drops by 50%

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.

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