According to analysts at Westpac, the past week has been high on drama for the UK economy, with three Brexit votes in Parliament.

Key Quotes        

“First, Prime Minister May’s deal was voted down for a second time. Then a ‘no deal’ Brexit was precluded by the second vote. And finally via the third vote, scope for an extension of the Article 50 negotiation period was approved.”

“While the second and third votes are positive steps, they do not narrow the divide between the various political factions. Indeed, the potential length of the extension is particularly divisive. If PM May’s agreement is successful, Parliament have agreed on an extension to 30 June.”

“But, if unsuccessful, uncertainty is set to remain rife as the extension date for this scenario was not made absolute by the third vote. It is likely that the EU will push for as lengthy a negotiation period as possible. In our view, this is the best that can be hoped for, in order to allow perspective and time for fruitful discussions.”

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

EUR/USD trims Pound-related gains, back to 1.1150/60 price zone

The EUR/USD pair got a nice short-lived boost from Brexit optimism, although it quickly trimmed gains, as PM May failed to convince the markets. Failure near 1.1200 left doors opened for a retest of the yearly low at 1.1110.

EUR/USD News

GBP/USD nears 1.2700 as Brexit optimism fades

The GBP/USD pair keeps easing from daily highs and approaches the 1.2700 figure, down from 1.2814 as UK opposition wasn't convinced by PM May 'new' Brexit deal proposal.

GBP/USD News

USD/JPY stalls bounce near 110.60 post-mixed Japanese data

The tepid bounce in the USD/JPY pair appears to stall near 110.60 region following the releases of mixed Japanese trade and machinery orders data. However, the risk remains to the upside amid fresh US-China trade optimism and ahead of the key FOMC minutes. 

USD/JPY News

Gold struggles pull away from May lows, continues to trade near $1270

The XAU/USD pair closed the first day of the week virtually flat below the $1280 mark and came under a renewed pressure on Tuesday as the upbeat market sentiment didn't allow the precious metal to find demand as a safe-haven

Gold News

FOMC Minutes Preview: Inflation, inflation, where's the Fed's inflation?

The better than anticipated US first quarter GDP of 3.2% received its due in the May FOMC statement where “economic activity rose at a solid rate” in contrast to the March note where “activity has slowed from its solid rate in the fourth quarter.”

Read more

Majors

Cryptocurrencies

Signatures