UK PM Hopeful Johnson: Current Brexit deal is 'basically dead'

Dhwani Mehta FXStreet

Reuters reports the latest comments from the UK PM Candidate Boris Johnson, with the key headlines found below.

Current Brexit deal is 'basically dead'.

Plans to only keep some parts of the current withdrawal agreement.

Challenge in parliament is to get Brexit done.

Promises no hard border in Ireland.

There are other techniques to check goods at the Irish border.

Protracting existing agreement with the EU is a hopeful prospect, good way forward.

Britain could agree with the EU to go forward together on a GATT 24 basis.

Would be bizarre if the EU would decide to impose tariffs on the UK goods.

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 remains on the back foot below 1.1850

EUR/USD resumes its downtrend on Wednesday, navigating the area below the 1.1850 level in a context of modest gains in the US Dollar, while investors gear up for a slew of US data prior to the publication of the key FOMC Minutes.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.