UK's PM May to ask Cabinet meeting about Syria strikes - Sky News

Joshua Gibson FXStreet

The United Kingdom is throwing their hat into the fray over the Syria gas attacks over the weekend that has seen the US and Russia exchange barbs this week at the UN and over Twitter. Prime Minister Theresa May has called a special cabinet meeting, where she is expected to ask the special cabinet for permission to engage in the Syria action. Initial reporting by Sky News.

Key quotes:

The Prime Minister will convene a special "war cabinet" on Thursday as the UK prepares to join tripartite military action against the Syrian regime, following its apparent use of chemical weapons.

The Cabinet is expected to be asked to approve a form of British participation in action led by France and the US, aimed at Syrian President Bashar al Assad's chemical weapons infrastructure.

Importantly, it appears Parliament will not be consulted ahead of the UK action, which could start within hours of Cabinet approval. That will prove controversial, after opposition parties demanded the Government respects a recent convention that the House of Commons approves UK military intervention.

Further reading: the drums of war, Russia/Trump/Syria, keep investors on their toes

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD remains bid near 1.1650 post-US ADP

Finally some respite for the risk complex see EUR/USD partially recover from the recent steep sell-off, this time hovering around the 1.1650 zone amid decent gains in a context of renewed selling pressure on the US Dollar. However, the duration and extension of this bounce should be put to the test amid the unabated tensions in the Middle East.

GBP/USD meets resistance around 1.3400

In line with its risk-linked peers, GBP/USD stages a modest comeback on Wednesday, although meeting some resistance around the 1.3400 neighbourhood. Cable’s humble recovery comes on the back of the fresh downward bias in the Greenback amid a marginal improvement in the global sentiment and steady geopolitical effervescence.

Gold flirts with $5,200 amid safe haven demand

Gold partially fades Tuesday’s sharp pullback, regaining the $5,200 mark per troy ounce on the back of the resurgence of investors’ demand for the safe-haven space. The precious metal remains well propped up by the deterioration of the geopolitical scenario in the Middle East, while the softer tone in the US Dollar collaborates with the uptick.