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Sterling Unaffected by Brexit Extension

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GBP                                                                                  

The British pound ended lower against the United States dollar on Thursday erasing Wednesday gains. The European Union granted the United Kingdom a six-month deadline extension which lowered the chances of the UK leaving the EU without a deal. However, a Brexit delay doesn't mean that the struggle is over yet, and it was clear on the performance of the pound against the dollar. Previously, positive Brexit headlines used to spark investors risk appetite and drive the pound higher against rivals. The government and the Labour party will be continuing their rounds of talks hoping to agree on a proper exit plan. The GBPUSD fell to a low of $1.3048, and the EURGBP surged to 0.8648.

USD

The dollar index which measures the greenback against a basket of major currencies recovered two days of losses and settled at 97.17. The Producer Price Index climbed 0.6% in March suggesting a rise in inflation in the coming months. On the other hand, several FOMC members delivered speeches where they all reiterated the cautious tone of the Federal Reserve while confirming that the US economic outlook is strong. The US 10-year Treasury yields surged to 2.51%, and the USDJPY jumped to a one-month high of 111.90. Also, the dollar advanced against commodity currencies where the USDCAD rose to a high of 1.3395, the AUDUSD dropped to $0.7124, and the NZDUSD plunged to $0.6713.

Metals

Metals prices dropped as the dollar strengthened along with Treasury yields. The price of a gold ounce declined sharply to a low of $1290, expunging three days of gains. The silver ounce tumbled to a one-week low of $14.87, and palladium plunged to $1353.

Oil

Oil prices drifted lower as investors were seen taking profits near a five-month high following a surge in US inventories and record output levels. The West Texas Intermediate crude futures dropped to a low of $63.29, and the Brent futures slipped towards $70.55. Oil prices are set to end the sixth consecutive week in the green territory. Later throughout the day, the US energy services firm Baker Hughes will be reporting the weekly US oil rig count.

Major Economic Events

GMT Country Event Expectation Previous

10:00

EU

Industrial Production (MoM) (Feb)

-0.5%

1.4%

14:00

US

Michigan Consumer Sentiment (Apr) 

98.1

98.4

14:00

US

Michigan Consumer Expectations (Apr) 

88.5

88.8

 

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