Brexit Votes, US Data & Equity Market Rebounds - US Market Open
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Market Themes and Movers
GBP: Parliament last night voted for indicative Brexit votes to take place on Wednesday, effectively taking control of the Brexit process. While these votes are not binding, something the PM’s office has already stated, if the House can find a consensus for moving forward it would be a very brave prime Minister to go against their will. Sterling dropped then popped during the session as investors start to believe that a no deal Brexit is effectively being taken off the table.
USD: The dollar remained flat on the session, underpinned by the 200-day moving average while kept in check by the 20- and 50-dmas above. Ahead a raft of US data today before eyes turn to Thursday’s US 4Q GDP print and a number of Fed speakers during the session. The dollar may wait for further indications on the strength of the economy before making its next move.
Equity Markets: European bourses turned positive after recent losses although the moves are not predicated on any real news flows or data. Gold has edged lower, while oil has picked up as the recent risk-off sentiment disappears for now.
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Market Movers with Updated News and Analysis:
- GBPUSD Rudderless as PM May Loses Control of Brexit.
- Trading Forecast for NZDUSD, CADJPY, Gold and More.
- EURUSD Price Pushed Lower as German Export Sentiment Crumbles.
- FTSE Technical Analysis – Backdrop Weakens But Still in Channel.
- US Dollar Price Continues to Stabilize But Next Move Could be Lower.
--- Written by Nick Cawley, Market Analyst
To contact Nick, email him at Nicholas.Cawley@ig.com
Follow Nick on Twitter @nickcawley1
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.