UK PM Johnson spokesman: It is for EU to determine if there would be formal negotiations on Brexit

Eren Sengezer FXStreet

Commenting on political opponents attempt to block a no-deal Brexit, British Prime Minister Boris Johnson's spokesman told reporters that it would "entirely unreasonable" for lawmakers to try to bind the hands of the Prime Minister as he seeks a new Brexit deal.

When asked is the PM is preparing for an election, the spokesman said that the PM was clear that he doesn't want an election. Meanwhile, the GBP/USD pair continues to trade near its lowest level since August 20 at 1.2077, erasing 0.65% on the day. Below are some additional remarks as reported by Reuters.

"Every government adheres to the law. Not possible to comment on pieces of legislation we have not seen yet."

"It is for the EU to determine if there would be formal negotiations on Brexit."

"The PM is working with great determination to get a deal with the EU."

"PM will meet with conservative lawmakers at a reception in Downing Street later today."

"The UK will leave the EU on October 31 whatever the circumstances."

"Will defend our position robustly in court cases on suspending parliament."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD flat lines near 1.1800 as traders brace for US PPI release

The EUR/USD pair trades on a flat note near 1.1800 during the early Asian session on Friday. The pair steadies as softer Eurozone inflation offsets US tariff uncertainties. Traders await the preliminary reading of the Consumer Price Index from Germany on Friday for more clues about the pace of future policy easing. On the US front, the Producer Price Index report will be released.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold remains below $5,200 despite tariff jitters and geopolitical risks

Gold is seen consolidating in a range below the $5,200 mark during the Asian session on Friday amid mixed cues. Trade jitters, along with the risk of a potential US-Iran war, act as a tailwind for the safe-haven bullion. Meanwhile, the Fed's hawkish outlook keeps the US Dollar close to the monthly high and caps the non-yielding yellow metal. Nevertheless, the commodity remains on track to register gains for the fourth straight week, though the fundamental backdrop warrants some caution for bullish traders.