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Pound Rallies on Brexit Deadline Extension

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GBP

The British pound recovered from losses and pushed higher against other major currencies as the EU27 agreed on an extension to the Brexit deadline. The European Union leaders granted Theresa May two weeks till April 12 to have a proper exit and another two months period till May 22nd if she can get her deal approved next week. May will be back in London and work on finding support to her proposed deal. The GBPUSD bounced off the psychological support of $1.30 to trade at a high of $1.3158, and the EURGBP tumbled to 0.8655.

USD

The dollar index which measures the greenback against a basket of major currencies recovered from the Fed's blow and settled at a high of 96.63. The dollar was hit hard on Wednesday as the Federal Reserve abandoned the monetary policy tightening plans in the last meeting. The 10-year Treasury yields rebounded from a fourteen-month low of 2.497% to test a high of 2.545%. 

Metals

Precious metals finished marginally lower in a choppy trading day as the dollar regained strength. The price of a gold ounce fell from a high of $1320 to trade at a low of $1303 and settle at 1309. The silver ounce ended flat at $15.45, while palladium hovered near $1600.

Oil

Oil prices drifted lower amid growing concerns over global economic growth. The West Texas Intermediate crude futures slipped from a four-month high of $60.37 to settle lower at $59.85, and Brent futures dropped to a low of $67.53. Market participants await the release of the manufacturing PMI from the Eurozone and the United States were soft readings could affect investors’ appetite towards oil. Moreover, the US energy services firm Baker Hughes will report the US oil rig count later today.

Major Economic Events

GMT Country Event Expectation Previous

9:00

EU

Manufacturing PMI (Mar) 

49.5

49.3

12:30

CA

Core CPI (MoM) (Feb)

 

0.3%

12:30

CA

Core Retail Sales (MoM) (Jan)

0.2%

-0.5%

13:45

US

Manufacturing PMI (Mar) 

53.5

53.0

13:45

US

Services PMI (Mar) 

55.7

56.0

14:00

US

Existing Home Sales (Feb)

5.10

4.94

17:00

US

U.S. Baker Hughes Oil Rig Count

 

833

 
Disclaimer

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