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Bullet Report: GBPUSD suffers huge losses as weekend Articles Point to Hard Brexit.
January 16, 2017 12:30 pmVideo
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Today’s calendar features nothing important as US markets are closed for Martin Luther King Day. Despite the absence of major economic news releases, the day started in a volatile note as the British Pound collapsed following many newspaper articles over the weekend which speculated that Theresa May will outline a plan for a hard Brexit this week. In particular, it seems that the UK will exit the Trade union, in return for more control over immigration. The rest of the week will feature the ECB meeting on Thursday as well as 2 speeches from Fed’s Janet Yellen. We also have the inauguration of Donald Trump on Friday.
Currencies: Just as the Dollar was weakening, the GBPUSD collapsed over the weekend to levels not seen since 6th of October, the day where the infamous flash crash happened, where the Pound dropped over 700 pips in a few minutes. Today, the pair dropped to 1.1985 from 1.2180 on Friday while more pressure is expected. EUR/GBP also extended recent rebound from 0.8303 and reaches as high as 0.8844. GBP/JPY also drops sharply to as low as 136.94 so far. Overall, we have a stronger Dollar today.
Stocks: Shares in Asia reacted negative to UK’s hard Exit and GBP’s drop as the regional bourses were in the red this morning. Nikkei was down -0.6% with Shanghai leading losses at -1.4%. U.S. stocks were mixed after the close on Friday. At the close in NYSE, the Dow Jones declined 0.03%, while the S&P 500 index added 0.18%, and the NASDAQ index climbed 0.48%.
Oil and Gold: Oil prices are ranging on Monday with BRT trading at $55.64 per barrel, up 20 cents from their last close. WTI oil is up 17 cents at 52.54 per barrel. Gold rose to its highest since 23rd November at $1208 per ounce, up $15 from Friday’s close as traders sought he relative safety of Gold in light of a week that will feature uncertain events such as more details on Brexit and Donald Trump inauguration on Friday.
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Source: Easy Forex Forex.Info
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