UK FinMin Hammond: “Significant numbers” of MPs support May’s plan, but “not there yet”

Dhwani Mehta FXStreet

In an interview with BBC on Sunday, the UK Finance Minister Philip Hammond noted that significant numbers of Tory MPs are coming on board with PM May's plan.

Further Comments:

“What's happened since last Tuesday is a significant number of colleagues have changed their view on this and decided the alternatives are so unpalatable to them that they on reflection think that the prime minister's deal is the best way to deliver Brexit.

We will only bring the deal back if we're confident enough of our colleagues and the DUP are prepared to support it and get it through Parliament."

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.

GBP/USD holds above 1.3350 with the 200-day SMA capping gains

The British Pound appreciates against the US Dollar on Tuesday to trim previous losses and return to the 1.3375 area, aiming to retest resistance at the key 200-day Simple Moving Average. This is a popular indicator, which lies a few pips below 1.3400 and has been capping Pound’s recovery over the last two weeks.

EUR/USD surrenders some gains, back to 1.1440

EUR/USD now gives away part of the earlier advance and recedes toward thre 1.1440 zone on Tuesday. The pair’s firm uptick comes in response to the marked sell-off in the US Dollar, which has intensified after US inflation figures disappointed expectations in June and investors has assessed Chair Warsh’s testimony.

Gold battles to recover the $4,100 mark

Gold reverses the recent weakness and reclaims the area beyond the key $4,000 mark per troy ounce on Tuesday. The precious metal’s recovery picks up pace and approaches the $4,100 region following the Greenback’s decline and comments from the Fed’s Warsh.

Crypto Today: Bitcoin, Ethereum, XRP extend sideways trading amid ETF outflows, US-Iran war escalation

Bitcoin hovers around $62,500 amid prevalent sideways trading. Meanwhile, major altcoins such as Ethereum and Ripple are holding above crucial support levels at $1,700 and $1.05, respectively, reflecting ongoing consolidation across the crypto sector.

Fed Chair Warsh reaffirms they will deliver price stability

While testifying on the Semiannual Monetary Policy Report before the US House Financial Services Committee, Fed Chairman Kevin Warsh reiterated that the Fed is making a commitment on price stability and the goal of 2% inflation.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.