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
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
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN -2.09% #BITCOINCASH -1.19% #ETHEREUM -2.49% #RIPPLE -1.59% #LITECOIN -0.14%
  • Copper Crushed as Silver Struggles to Set Support https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/10/01/copper-crushed-as-js-silver-struggles-to-set-support.html https://t.co/Gee0u7hrV5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.15%, while traders in Wall Street are at opposite extremes with 64.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SAk6ORKEvf
  • US Dollar catches bid to turn positive on the day with the help of overall solid economic data. Get your market update. Get your market update from @RichDvorakFX here: https://t.co/sXNRSdjuuM https://t.co/wp8C8QGsPG
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 3.31% Gold: 1.21% Oil - US Crude: -4.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/djmgUXXGEl
  • Pelosi and Mnuchin plan to speak by phone this afternoon according to person familiar - -BBG
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.42% 🇦🇺AUD: 0.30% 🇨🇭CHF: 0.24% 🇪🇺EUR: 0.18% 🇯🇵JPY: -0.07% 🇬🇧GBP: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/jy4WNvg5OL
  • Commodities Update: NYM WTI Crude 37.89 (-5.79%), ICE Brent Crude 40.13 (-5.13%), NYM NYH Gasoline 113.16 (-4.24%). [delayed]
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.70% Wall Street: 0.48% France 40: 0.16% Germany 30: 0.15% FTSE 100: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XZ3SPnM3C6
  • White House reportedly raises latest coronavirus aid proposal amount to $1.6 trillion from prior $1.5 trillion floor, according to spokesperson - BBG
European Commission President Vote to be Held Today

European Commission President Vote to be Held Today

2019-07-16 11:15:00
Daniela Sabin Hathorn, Analyst
Share:

Talking Points:

  • It is unknown if Ms Von der Leyen has enough support to be elected as President of the European Commission on a vote to be held on Tuesday evening
  • GBPUSD dips below 2019 lows and touches levels not seen since April 2017as Brexit uncertainty drags on

A possible successor to Jean-Claude Juncker as President of the European Commission will be facing a round of voting from European parliamentarians today after gaining backing from the 28 leaders. Ursula von der Leyen gave a last speech on Tuesday morning to MEPs to gain their backing in a vote expected to take place on Tuesday evening, where she will need the support from 374 parliamentarians to take up the post from November 1. She has the backing from most centre-right European parties but has faced harsh criticism from left-wing and green parties, casting some doubt on the likelihood of her being able to achieve the support needed. It is believed that an emergency summit will be held next week if Ms Von der Leyen is rejected.

It is unclear if she currently holds enough support to be elected as parliament’s Greens have announced they will not back her as she has failed to show enough ambition in tackling climate change, which could potentially cost her up to 74 votes. In a bid to try and convince MEPs to support her she has agreed to give the EU parliament more influence over the Commission’s regulatory setting by accepting to automatically discuss with her team any idea that gets an absolute majority of MEPs support. If she gets fewer than 400 votes, she might face a challenge to her ability to lead the European Commission which could see her being rejected as the next President. Because of her background as a Defence Minister, which is not a core of the Commission’s job, some believe she is not suited for the job.

She is believed to be a supporter of greater integration within the European Union and once said she would like the common block to become the United States of Europe, focusing on federal systems like the ones in place in Germany and Switzerland, which is likely to face resistance from strong-euro countries like Germany, Austria and the Netherlands, which could dampen her abilities to gain the support needed. Because she is seen to have a weak support system within the European Parliament we might see populist governments from Italy and Hungary back her as they she would be less likely to pursue legal measures against these nations if she owes her votes to them, which could help Italy in its excessive deficit case.

Views on Brexit

She recently said she was open to granting the UK a further extension to the Brexit deadline if “good reasons” are provided, which are expected to be either a general election or another referendum. But she has also mentioned that she will not be accepting any amendments to the current withdrawal agreement as she believes it is the “best and only possible deal for an orderly withdrawal”, which could put further downward pressure on GBP if she is elected on Tuesday evening as it increases the risks of a no deal Brexit.

GBP pairs have been trading around levels last seen in January 2019 when sterling was at year-lows as ongoing Brexit and trade war concerns keep investors concerned about the future of the British economy. GBPUSD dipped to 1.2407 on Tuesday morning as a mixed jobs data failed to pick up investor sentiment and has now breached its 2019 lows to a new low not seen since April 2017 when the pair was trading at 1.2402.

PRICE CHART: GBPUSD NEW LOW SINCE APRIL 2017 (DAILY CHART)

European Commission President Vote to be Held Today

Recommended Reading

Eurozone Debt Crisis: How to Trade Future Disasters – Martin Essex, MSTA, Analyst and Editor

KEY TRADING RESOURCES:

--- Written by Daniela Sabin Hathorn, Junior Analyst

To contact Daniela, email her at Daniela.Sabin@ig.com

Follow Daniela on Twitter @HathornSabin

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

DISCLOSURES