UK: Focus on PM May’s speech in Florence - TDS

Sandeep Kanihama FXStreet Contributor

Analysts at TDS point out that UK Prime Minister Theresa May delivers a speech on Brexit at 2:15pm BST in Florence and will be a key event for today’s session.

Key Quotes

“Early reports suggest May will offer that the UK will continue to make its regular contributions to the EU budget for an additional two years through a transition period, in exchange for access to the single market. However, that's only one small part of the financial issues that need to be sorted out, ‎and doesn't get into the murkier issues of long-term assets and liabilities.”

“May is also reportedly going to repeat that the UK wants its own bespoke trade deal with the EU post-Brexit, ruling out a copy/paste of the Canada-EU deal or an EEA-style agreement. We'll be watching for the response from Barnier and other key EU figures to see if May's speech has enough content to help to move forward the Brexit negotiations, with the next round starting up again next week.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.