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Today's Market Fundamentals
Just another day dominated by the UK process of Brexit, which can only be described as shambolic at this point in time. The vote last night was a simple one – “do you want to leave the EU with no deal?” and at the end of the day the parliament voted to block a no-deal. The interesting part of this whole process is that the margin (321-278) was closer than we would imagine which means that there are some cabinet members that did not vote with government. The vote to block a no-deal to only the end of the month was even tighter with a margin of 312-308.
So there you have it, the UK want a deal – but just not the numerous deals that have been put forward to them. The EU turned the screw on them by reiterating that they will not be negotiating any further and that talks are done and dusted. There is also rumours surfacing that the EU will only extend extension for a couple of weeks as opposed to the months that Britain want, they have also prepared themselves for a no deal Brexit – not encouraging if you are British.
Today's Market Trading Levels
1. GBPCAD SELL 1.7700 – 1.7730
2. GBPJPY SELL 148.10 – 148.30
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