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Pound Rallies on Lower Chances of a "Hard-Brexit"

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GBP

The British pound rallied against rivals on hopes that Britain could avoid a disorderly Brexit. After the parliament rejected Theresa May's proposal last week, several scenarios came into play, and they all lowered the chances of a hard Brexit. The Chief European negotiator Michel Barnier said earlier today that they don't need more time for a deal, but they need a decision, and they are ready to negotiate if the UK compromises on the Red Lines. The GBPUSD traded at a ten-week high of $1.3094, and the GBPAUD climbed to a three-month high of 1.8414.

EUR     

The euro rose slightly against the United States dollar ahead of the European Central Bank monetary policy meeting. Market participants widely expect the ECB to leave monetary policy unchanged. However, they are awaiting the press conference of President Mario Draghi. During his last media appearance, Draghi addressed the economic slowdown in the Eurozone and said that the economy needs more stimulus. These comments were enough to drive the single currency lower. The EURUSD is trading in a tight range between $1.1335 and $1.1395.

Metals

Gold prices remain caught in a tight trading range as investors await further developments to spark their appetite towards the precious metal. The gold ounce held steady above $1280, the silver ounce traded near $15.30, and palladium settled at $1355.

Oil

Oil prices finished lower for the second consecutive day amid rising concerns over the global economic growth. Since the IMF downgraded the economic growth figures and the slower-than-expected fourth-quarter growth in China, oil prices dipped more than three percent. Moreover, the American Petroleum Institute reported that the US weekly crude oil stocks climbed 6.550 million barrels last week. The West Texas Intermediate crude futures dropped to a low of $51.84, and Brent futures declined to $60.18. Market participants await the official inventory numbers later today.

Major Economic Events

GMT Country Event Expectation Previous
8:30 EU German Manufacturing PMI (Jan)  51.4 51.5
9:00 EU Manufacturing PMI (Jan)    51.5 51.4
9:00 EU Services PMI (Jan)  51.5 51.2
12:45 EU ECB Interest Rate Decision (Jan) 0.00% 0.00%
13:30 EU ECB Press Conference      
13:30 US Initial Jobless Claims 219 213
16:00 US Crude Oil Inventories -0.042 -2.683

 
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