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Euro Braces for ECB, Draghi. US Dollar Eyes CPI Data

Euro Braces for ECB, Draghi. US Dollar Eyes CPI Data

Dimitri Zabelin, Analyst

Euro, GBP, Brexit – TALKING POINTS

  • Euro and British Pound traders closely watching Brexit developments
  • UK Supreme Court found Mr. Johnson’s parliament suspension illegal
  • CPB World Trade Monitor publication could spook financial markets

Learn how to use political-risk analysis in your trading strategy!

GBP traders will be anxiously watching how Brexit drama continues to unfold after the UK Supreme Court ruled that Prime Minister Boris Johnson’s suspension of Parliament was unlawful. While he respected the judges’ decision, he expressed a strong disagreement with their assessment. The publication of the CPB’s World Trade Monitor could amplify risk aversion after the OECD revised down the global growth outlook.

With Parliament returning to session on Wednesday, some lawmakers have called for Boris Johnson to resign after his prorogation of the legislature was deemed constitutionally invalid. He has signaled he is not going to step down and is determined to carry on with his Brexit agenda despite the failed attempt to sideline Parliament.

Interested in trading EUR/GBP? See my weekly technical forecast here!

Traders may also get another injection of volatility if the Netherlands-based think tank CPB publishes a gloomy outlook on world trade on the back of the OECD’s recent downgrade in the global growth trajectory. The ongoing US-China trade war has hit Europe hard, and inter-regional demand has negatively impacted Germany’s export-heavy DAX as international trade tensions undermine consumer and business confidence.

Chart of the Day: German Benchmark Equity Index (DAX) Still Far Away from 2018-High

Chart showing DAX Index

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--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

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