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Today's Market Fundamentals
Friday saw a recovery in the GBP pairs headlines started circulating that the DUP had privately agreed to decide to back PM May’s plan B next week. There will of course be some conditions but at least there is some progress being made. If I have to be honest, I am not certain how this will affect the vote, the DUP represent 10 votes and the margin of defeat a couple weeks ago was well over 200 – the conditions met are a time limit on the backstop border, something which the EU in the past has refused to entertain.
Friday was not a good day for the dollar, there was some initial optimism when news started filtering through that the Trump would open the government. Then the massive US dollar selling started selling off, this was on various factors such as the government will only open for 3 weeks and that there is pessimism around a lasting deal. Roger Stone was arrested which brings the Mueller investigation closer to the White House.
I suspect that today may predicate on risk sentiment more than anything else – will see this continue flurry into commodity currencies.
Today's Market Trading Levels
- GBPAUD SELL 8370 – 1.8400
- EURCAD BUY 5070 – 1.5040
- AUDNZD BUY 0470 – 1.0440
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