IronFX Daily Commentary by Charalambos Pissouros | 12/10/2016
October 12, 2016 8:41 am
British Parliament to vote on May’s “Brexit” plan • UK PM May conceded that Parliament should be allowed to vote on her “Brexit” plan. • This eases some fears of a “hard Brexit”, as Parliament is unlikely to approve of a plan that forfeits access to the single market. • GBP/USD surged, but not enough to recover yesterday’s losses, an indication of how negative sentiment is around the pound. • Thus, although this may keep GBP supported for a while, we’d treat this rebound as a corrective move of GBP’s broader downtrend.
Today: • Eurozone: Industrial production for Aug. but this is usually not a major market mover. • US: FOMC releases minutes of September policy meeting. Likely to be a gauge of the level of disagreement among officials. If they show that there is a growing consensus for a near-term hike, it could add fuel to the USD rally. • Speakers: NY Fed President William Dudley and Kansas City Fed President Esther George.
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British Parliament to vote on May’s “Brexit” plan
• UK PM May conceded that Parliament should be allowed to vote on her “Brexit” plan.
• This eases some fears of a “hard Brexit”, as Parliament is unlikely to approve of a plan that forfeits access to the single market.
• GBP/USD surged, but not enough to recover yesterday’s losses, an indication of how negative sentiment is around the pound.
• Thus, although this may keep GBP supported for a while, we’d treat this rebound as a corrective move of GBP’s broader downtrend.
Today:
• Eurozone: Industrial production for Aug. but this is usually not a major market mover.
• US: FOMC releases minutes of September policy meeting. Likely to be a gauge of the level of disagreement among officials. If they show that there is a growing consensus for a near-term hike, it could add fuel to the USD rally.
• Speakers: NY Fed President William Dudley and Kansas City Fed President Esther George.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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