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Today's Market Fundamentals
Brexit is becoming the gift that keeps on giving, just when you think that the plot cannot thicken anymore – it does. The morning started pretty healthily for the pound but soon collapsed on the rumours that PM May was going to scrap the parliament vote on Tuesday. We then saw a myriad of headlines that ranged from the EU stating that the UK could revoke Article 50 to a very likely no deal scenario.
It is believed that May caught wind that the EU deal would be rejected by Parliament – I think the real concern here is that she is not even close – and that she is going to struggle to find a solution. The EU have dug their heels in and insist that there is no further renegotiation, she asked a pertinent question on whether the House actually wanted a Brexit – another referendum will again divide the country.
The only good news is that PM May is not wanting to renegotiate the withdrawal but merely wants a legal assurance that the backstop will not be indefinite. Headlines will continue to circulate in the coming days which will create some volatility in the market and as such I will be staying away from EUR and GBP pairs.
Today's Market Trading Levels
- EURCAD SELL 5230 – 1.5260
- NZDCAD SELL 9220 – 0.9250
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