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.

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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.29% Gold: -0.19% Silver: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/VxT6Ljvpik
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.15% 🇳🇿NZD: 0.02% 🇨🇦CAD: -0.06% 🇪🇺EUR: -0.08% 🇬🇧GBP: -0.09% 🇦🇺AUD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HbXlgqqEG4
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.34%, while traders in NZD/USD are at opposite extremes with 63.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RoqYFl8Oue
  • Silver prices plummeted over 8% on Monday, registering their largest single-day swing seen in more than one month. The potential cross over of its 20-Day SMA below 50-Day SMA is likely to form a “Death Cross”, which is a mid-term bearish indicator. https://t.co/N6OHzhZOzR
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/C2rRzTLN03
  • As the clock is ticking on US Presidential Election – an event that is highly important and may carry significant amount of uncertainty. Will you ride the volatility or stay on the sideline until the political skies are cleared in November? https://t.co/5EXpzyXHct
  • Wall Street Futures edged higher at Asia opening hours: Dow Jones (+0.12%) S&P 500 (+0.13%) Nasdaq 100 (+0.13%) [delayed] -BBG
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/bmOoBpGlZs
  • $AUDUSD dipping in morning APAC trade following a speech from #RBA Governor Guy Debelle He mentioned that an option possibly being considered for other policy prescriptions is to buy bonds 'further out along the curve' (relatively dovish) https://t.co/JXQktfCrj0 https://t.co/Xbyhuuy5b6
  • RBA's Debelle: 'Mixed' empirical evidence on negative rates, TFF increase is substantial easing of monetary policy -BBG #RBA $AUDUSD
Brexit Latest: GBPUSD Moves Above 1.3100 as UK PM May Seeks Extension

Brexit Latest: GBPUSD Moves Above 1.3100 as UK PM May Seeks Extension

2019-04-02 18:20:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Talking Points:

- UK PM May has emerged from her cabinet meeting with calls for “national unity,” seeking consensus with Labour leader Jeremy Corbyn on finding a path forward.

- Similarly, UK PM May will seek another short-term extension to the Brexit deadline (currently April 12).

- GBPUSD rallied back above 1.3100 as betting markets started lowering the odds of a no deal, “hard Brexit.”

Looking for longer-term forecasts on the US Dollar? Check out the DailyFX Trading Guides.

UK Prime Minister Theresa May’s day-long meeting with her cabinet has yielded important developments in the Brexit process, which at this point in time suggest that a “soft Brexit” deal is still very much in reach.

Despite only having the backing of 10 of her 24 ministers, UK PM May announced that she would seek another short-term extension to the Brexit deadline, pushing it back from April 12 but no further than May 22 – that way, the UK can still avoid participation in European parliamentary elections.

"National Unity" with Labour

But perhaps the most notable development was her decision to reach across the aisle and call for “national unity” in the face of what’s quickly become a domestic political crisis for the UK. The prime minister said that she would find common ground with Labour party leader Jeremy Corbyn on several “options” on the path forward.

Done Trying with Tories and DUP

Still, with the EU insisting that the EU-UK withdrawal agreement is still valid, UK PM May has said that any options moving forward will still need to be within the confines of the framework. This more or less means that UK PM May is done trying to whip the votes of her Tory party or the Northern Ireland DUP to support the Withdrawal Agreement.

GBPUSD Price Chart: 1-minute Timeframe (Intraday April 1 to 2, 2019)

Brexit Latest: GBPUSD Moves Above 1.3100 as UK PM May Seeks Extension

Following the developments, GBPUSD immediately rallied from near 1.3037 to as highs as 1.3130. At the time this report was written, GBPUSD had eased back to 1.3107.

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX

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

DISCLOSURES