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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

Real Time News
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/oDzWIyV6AP
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.98% 🇳🇿NZD: 0.52% 🇦🇺AUD: 0.35% 🇬🇧GBP: -0.03% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8H7ly6RTkq
  • $USDCAD dropped sharply lower today as the Canadian Dollar strengthened following the BoC's tapering announcement. The pair dropped by over 100 pips, falling from above 1.2600 to below 1.2500. $USD $CAD #BOC https://t.co/MU3fk5XUqt
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.64% Wall Street: 0.57% Germany 30: 0.18% France 40: 0.16% FTSE 100: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hn1ydl5H6W
  • - Forward guidance is a commitment not to raise rates - There is still a long way to go until full recovery
  • - BoC is accelerating work on digital currency - Decision on digital currency would be the government's
  • With the BOC's update today, I'd shift the group to being the most hawkish relative to the other major central banks. Still the setting for all of the majors is very dovish though. All relative. https://t.co/3MQX5ILGzA
  • - BoC could slow QE further if projections pan out - Further QE adjustments will be gradual
  • FT: EU and India plan global infrastructure deal. $EUR $INR
  • BoC Gov. Macklem: - Third wave of Covid has introduced new uncertainty - Households and businesses have remained resilient - The BoC is more confident in the underlying strength of the economy #BOC $CAD
Brexit Briefing: DUP Rejects UK Government's Brexit Deal

Brexit Briefing: DUP Rejects UK Government's Brexit Deal

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • Northern Ireland’s Democratic Unionist Party will not back the Brexit deal agreed between UK Prime Minister Boris Johnson and the European Union.
  • The party, which supported the ruling Conservatives in the last Parliament, is opposed to any agreement that treats Northern Ireland differently from the rest of the UK.
  • Meanwhile, GBP/USD continues to trade within a narrow range between 1.30 and just under 1.28.

DUP election manifesto withholds backing for EU-UK Brexit deal

Northern Ireland’s Democratic Unionist Party, which supported the ruling Conservatives in the last UK Parliament, has launched a manifesto for the December 12 UK General Election that opposes key elements of the Brexit deal agreed between UK Prime Minister Boris Johnson and the EU.

While the DUP is a relatively small group in the UK Parliament, winning 10 seats in the 2017 General Election, it has played an important role backing the Conservatives. Were the election to result in another hung Parliament, with no party winning an overall majority, that backing seems unlikely to continue with the DUP strongly critical of any Brexit deal that treats Northern Ireland differently from England, Scotland and Wales.

While that is potentially an obstacle to the UK leaving the EU with a deal, it has had little impact on GBP/USD, which tends to advance on opinion polls suggesting the Conservatives will win the election outright and decline when the main opposition Labour Party looks to be catching up.

For now, GBP/USD continues to trade within a narrow band between 1.30 resistance and support just under the 1.28 level.

GBP/USD Price Chart, Four-Hour Timeframe (October 15 – November 29, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

Brexit Glossary - Brexit Jargon and Terms Explained

Launching the DUP manifesto, it said it will seek changes to the deal if Johnson remains Prime Minister and presses ahead with a deal that includes special arrangements for Northern Ireland, including a consent mechanism that would see the Northern Ireland Assembly given a simple majority vote on how the rules on customs arrangements in Northern Ireland would work after Brexit.

At the launch in Belfast, deputy leader Nigel Dodds said the deal would be dangerous to the economic and constitutional position of Northern Ireland. Its leader Arlene Foster added that ifJohnson was returned as prime minister, the DUP would reiterate that unionism in Northern Ireland was united in its rejection of the deal, and would seek to secure further changes to it.

Brexit Timeline – The Path Ahead

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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