UK: Uncertainty regarding the Brexit process – Danske Bank

Sandeep Kanihama FXStreet Contributor

Jens Peter Sørensen, chief analyst at Danske Bank, points out that in the UK, PM May has been trying to get more support from the Eurosceptics in her party for her deal, which is expected to be put to a vote on Tuesday.

Key Quotes

“If she does not have strong chance of getting the deal accepted, then she is not likely to put it to a third vote according to media reports quoting ministers in her government. Otherwise, PM May will go the EU summit on Thursday to seek an extension on the Brexit process. Hence, there will be plenty of uncertainty regarding the Brexit process during the week. GBP has remained fairly range-bound versus both the USD and EUR this morning.”

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.

GBP/USD trims losses, approaches 1.3500

GBP/USD adds to the multi-day negative streak, although it has managed to bounce off earlier four-week lows near 1.3470 on Wednesday. Meanwhile, Cable’s deep correction comes despite the tepid performance in the Greenback and the persistent geopolitical concerns.

EUR/USD slips back toward 1.1580 on USD recovery

EUR/USD comes under some pressure and revisits the 1.1580 region as the NA session draws to a close on Wednesday. That said, spot adds to Tuesday’s bearish performance while the Greenback is slowly gathering steam and leaving behind earlier lows.

Gold keeps the recovery in place; focus is back to $4,400

Gold continues to regain ground lost and sets its target on the $4,400 mark per troy ounce on Wednesday. The yellow metal’s rebound comes amid modest losses in the US Dollar, steady geopolitical uncertainty and mixed US Treasury yields.

Bitcoin and Gold Outlook: BTC comes under pressure, XAU rebounds amid US-Iran strikes

Bitcoin (BTC) remains neutral-to-bullish, edging lower near $77,000 support on Wednesday. The largest cryptocurrency by market capitalization has been unable to sustain a recovery after being rejected around $81,500 last Friday. Meanwhile, its downside appears broadly protected due to an established moving average cluster.

BoC recap: Risks are shifting as Oil prices and US trade actions complicate outlook

The Bank of Canada (BoC) left its overnight interest rate unchanged at 2.25% on Wednesday, as widely anticipated, but delivered a more cautious message as inflation risks increased and the recovery became harder to assess.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.