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GBP/USD Drops as Government Threatens Election, Canadian Dollar Unfazed by Election - US Market Open

GBP/USD Drops as Government Threatens Election, Canadian Dollar Unfazed by Election - US Market Open

MARKET DEVELOPMENT – Brexit Latest: GBP/USD Drops as Government Threatens Elections if Brexit is Delayed

DailyFX 2019 FX Trading Forecasts

Sterling fell to session lows after the government threatened to pull the bill if MPs were to vote down the programme motion tonight as this would lead to fears that there is not enough time to get Brexit done by October 31st. Consequently, in the event that the government pulls the Withdrawal Agreement Bill the government would reportedly look to push for a snap election before Christmas, providing yet another wave of political uncertainty.

Source: Bloomberg

Canadian Dollar saw a relatively muted reaction to the Canadian election which saw a minority government for the Liberal Party and Prime Minister Trudeau (largely expected). That said, with focus now shifting towards Canadian data, the softer than expected retail sales figures saw USD/CAD reclaim 1.31, eyes now firmly fixed on the Bank of Canada business survey.

Source: DailyFX, Refinitiv

Economic Calendar (22/10/19)

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. S&P 500, DAX, FTSE 100 Outlook: Key Levels to Watch” by Justin McQueen, Market Analyst
  2. Canadian Dollar Price: USD/CAD Falls to Multi- Month Low Ahead of CAD Data” by Mahmoud Alkudsi, Market Analyst
  3. US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More” by Justin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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