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DailyFX European Market Wrap: Tumultuous Week in Europe Comes to an End

DailyFX European Market Wrap: Tumultuous Week in Europe Comes to an End

Katie Pilbeam, Contributor


It’s been a tumultuous week in Europe with Former British Prime Minister Tony Blair appealing to Brexit opponents to rise up and fight against it. Mr Blair admitted he will face a "volley of abuse" from pro-Brexiteers for his view and plan to campaign against Article 50. He went on to say Britain is a free country and "people have the right to listen - or not."

Daily FX Analyst and Editor Martin Essex joins me in the studio to explain the current Brexit situation. The House of Lords are now chewing it over, however, nobody expects Britain’s 800 peers to block the passage of Article 50 outright. But there is a chance that they will attempt to amend the bill and then this would cause a number of problems for the government. David Davis, the face of the British Brexit campaign said he expects the upper house to “do its job of scrutiny”.

Martin also talks us through all of the European and UK economic data releases due next week which could impact the indices as well as EUR/GBP and GBP/USD. Looking ahead, the FOMC meeting minutes will be key, we’ve already heard from Federal Reserve Chairman Janet Yellen who pointed towards imminent rates hikes, perhaps even in March but this is still all speculation at this stage.

Above all Donald Trump rhetoric will continue to drive the markets along with European political uncertainty given the meeting with Eurogroup ministers on Monday.

--- Written by Katie Pilbeam, DailyFX

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