9 Sep 2019
Forex Today: waiting for the UK Parliament and the ECB
- Here is what you need to know on Tuesday, September 10th:
- A soft start to the week, triggered by weak Chinese trade balance data, was quickly reversed. A positive mood prevailed through all day. Safe-haven assets, included the dollar, were among the weakest.
- Equities started the day in good shape, although US indexes closed mixed, not far from their daily opening levels. The lack of follow-through in Wall Street could anticipate deteriorating market’s sentiment.
- Turmoil in the UK around Brexit continues. The speaker of the House of Commons, John Bercow, announced he would resign. Bercow said that he would resign immediately if the UK votes for an election, but else, he will remain until October 31. Market players are waiting for Parliament vote on a bill to prevent a no-deal Brexit. Raab repeated that Johnson wouldn’t go to Brussels to ask for an extension.
- Crude oil prices post decent intraday gains, settled at their highest since late July.
- Treasury yields extended their latest recovery.
- Market players remain cautious amid scarce macroeconomic data and ahead of the ECB meeting, later this week.