0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/QXaLbmFSjd
  • The anti-risk Japanese #Yen may rise versus currencies like the $AUD and $NZD on US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week. Get your #currencies update from @ddubrovskyFX here: https://t.co/Kw0fYCHEcw https://t.co/jiQBPpzat3
  • The #Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the $DXY weekly technical chart. Get your #currencies update from @MBForex here: https://t.co/MVnF5VDoeN https://t.co/TP2k8u9sXN
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/ioGWvplvt7
  • Based on how US-China tensions and fiscal talks ended this past week, is the Japanese #Yen readying to push higher ahead? Check out the latest #JPY fundamental outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2020/08/10/Yen-May-Rise-as-Nasdaq-100-Falls-on-US-China-Tensions-Fiscal-Woes.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/2Km23bVAy2
  • Tech leading the S&P 500 towards record highs, however, China risks rise. FTSE 100 hovers in a lower range. Get your #equities update from @JMcQueenFX here: https://t.co/IJAABNhxjs https://t.co/ZZ6njsuf5O
  • We are heading into the peak of summer yet there are some unexpected trends in key plays. Will complacency or fundamental instability win out? My weekend video: '#Dollar, S&P 500, #Gold - The Potential for Trend, Reversal or Congestion' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/08/Dollar-SP-500-Gold---The-Potential-for-Trend-Reversal-or-Congestion-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/7KoypvTwcL
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/40C8Sg5fM6
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:https://t.co/sR7HqpK8BI https://t.co/GZXAbZxL38
  • The Australian Dollar could be on the verge of a major breakout against the US #Dollar as $AUDUSD rates eye a close above pivotal chart resistance. Get your #currencies update from @DanielGMoss here: https://t.co/1y4serFW7h https://t.co/OtqppN7fcp
Brexit Briefing: Parliamentary Recess to Lessen News Risk for EUR/GBP

Brexit Briefing: Parliamentary Recess to Lessen News Risk for EUR/GBP

2017-02-09 12:21:00
Martin Essex, MSTA, Analyst
Share:

Talking Points

- The UK Parliament went into recess today and does not return until February 20.

- That should give EURGBP traders a rest from the Brexit news flow that has buffeted the cross.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for next week on the DailyFX Webinar Calendar.

The UK Parliament went into recess today and does not return until February 20, potentially allowing traders in EURGBP to focus on the fundamental factors that could influence the cross, and technical factors too, rather than having to watch the newswires closely for the latest instalment of the Brexit saga.

Late on Wednesday, the Brexit Bill was approved by the House of Commons and the debate in the House of Lords will begin once the Members of Parliament return to work. Between now and then the Brexit newsflow is likely to dry up, although comments from politicians on both sides of the English Channel could still be important.

As DailyFX Analyst Nicholas Cawley explains, lower yields on German government debt could hit the Euro in the days ahead, with Greece’s enormous debt pile also a risk factor now Euro-Zone governments and the International Monetary Fund have fallen out again over how to handle the country’s bailout. That could move the focus fromthe GBP side of the equation to the EUR side, and the negative technical position of EURGBP is another factor to bear in mind.

The cross has just dropped below trendline support on the daily chart, potentially opening the way for a drop to the December lows just under 0.84.

Chart: EURGBP Daily Timeframe (August 15, 2016 to February 9, 2017)

Brexit Briefing: Parliamentary Recess to Lessen News Risk for EUR/GBP

However, the picture could change once the UK Parliamentary recess ends, and the following table from Reuters outlines the hurdles to jump before the Bill to trigger Article 50 of the Lisbon Treaty becomes law, allowing UK Prime Minister Theresa May to do so by her self-imposed deadline of end-March.

Timeline

Feb. 8 - The legislation completed its journey through the lower chamber of Parliament without amendment and was passed to the upper chamber, the House of Lords, for further scrutiny.

Feb. 9 to 20 - The legislative process is paused while Parliament is on holiday.

Feb. 20 - House of Lords is scheduled to begin its scrutiny process with a two-day debate.

Feb. 27 and Mar. 1 - Lords due to begin ‘Committee stage’ of legislation, during which amendments will be discussed and may be voted upon.

Mar. 7 - Lords debate final wording of Bill and may vote on further amendments.

- After this stage, if the Bill has been amended by the Lords, these amendments will be passed to the lower chamber for approval. The Bill can be passed back and forth until they agree.

- Once approved by both houses, it will go on to receive ‘Royal Assent’ and officially become law.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.