 Sterling rises broadly today and takes out key resistance against Dollar and Euro. UK has moved a big step in avoiding no-deal Brexit. Prime Minister Theresa May announced to hold three separate votes on Brexit deal, no-deal Brexit and delay. The key is, no-deal Brexit is no longer the default position on March 29. But it could only happen with explicit consent of the Parliament. Staying in the currency markets, Yen follows as the second strongest and stock markets pare back trade optimism triggered gains. Commodity currencies are trading generally lower, as led by Australian Dollar. But Canadian Dollar is not far behind despite slight recovery in oil price. Dollar is mixed, awaiting Fed chair Jerome Powell's testimony. Technically, GBP/USD breaks 1.3173/3217 key resistance zone. A head and should bottom would be formed if GBP/USD can sustain above this zone, which confirms medium term bullish reversal. . EUR/GBP also broke key support level at 0.8617/20, resuming medium term decline for 0.8416 projection level. GBP/JPY is pressing medium term trend line. Sustained break will pave the way back to 150. In Europe, currently, FTSE is down -0.76%, DAX is down -0.13%, CAC is down -0.15%. German 10-year yield is down -0.007 at 0.112. Earlier in Asia, Nikkei dropped -0.37%. Hong Kong HSI dropped -0.65%. China Shanghai SSE dropped -0.67%. Singapore Strait Times dropped -0.33%. Japan 10-year JGB yield rose 0.0089 to -0.027. | 
No comments:
Post a Comment