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In the Zone
- Brent
- Gold
- GBPUSD
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Today's News Headlines
- There is talk that the UK cabinet are wanting to prolong the Brexit transition period – just as we thought there was a deal done.
Market Recap
This may prove to be a big week for the UK, the market was waiting on news as it was thought that there would be a Brexit agreement on the cards. We instead got news that there was a slight stumbling block and that any proposed deals were off the table until Wednesday when the EU (with PM May) meet again. In other developments, Donald Trump threatened Saudi Arabia with sanctions to which Saudi Arabia showed him the “middle finger” by threatening to cut oil production.
The equity markets were a little bit apprehensive on Friday morning but still finished the day lower, the catalyst for these moves was talk of tension between the US and China – again. Throw in an expected protracted Italian debacle and we have the perfect recipe for volatility.
I am reluctant to dip my toes back in the market and will wait to see what happens when New York opens. My gut says to me to stay away from the GBP, EUR, JPY and CHF pairs – it also tells me to stay away from the indices. I am going to have a look at the commodities today as they both look overdone, but with all the carnage in the market – I might just spend another day on the side lines.
Important Economic Data Due Today
14:30 USD Retail Sales
Consensus: 0.7%
Effect: Higher than expected is good for the USD
16:30 CAD BOC Business Outlook Survey
Consensus: None
Effect: More hawkish than expected is good for the USD
23:45 NZD CPI
Consensus: 0.7%
Effect: Higher than expected is good for the NZD
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