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Brexit Votes, US Data & Equity Market Rebounds - US Market Open

Brexit Votes, US Data & Equity Market Rebounds - US Market Open

2019-03-26 13:20:00
Nick Cawley, Analyst
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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.

Chart of the Day – Gold Overbought in The Short-Term?

Brexit Votes, US Data & Equity Market Rebounds - US Market Open

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GBPUSD Daily Price Chart – Volatile but Trend Support Remains Firm (March 26, 2019)

Brexit Votes, US Data & Equity Market Rebounds - US Market Open

How to use IG Client Sentiment to Improve Your Trading

Retail sentiment is an important tool for any trader to help gauge market sentiment and positioning. We provide updated daily and weekly positional changes on a wide range of currencies and asset classes to help decision making.

Market Movers with Updated News and Analysis:

  1. GBPUSD Rudderless as PM May Loses Control of Brexit.
  2. Trading Forecast for NZDUSD, CADJPY, Gold and More.
  3. EURUSD Price Pushed Lower as German Export Sentiment Crumbles.
  4. FTSE Technical Analysis – Backdrop Weakens But Still in Channel.
  5. 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

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