News

The Long-Awaited Brexit Meaningful Vote Is Happening Today

GBP

The British pound rose against major peers ahead of Brexit deal vote. Finally, the House of Commons will vote today on the latest Brexit deal proposed by Theresa May. Market participants widely expect that May will lose today's vote. The Prime Minister said that if she fails to win the vote, we will be left out with two scenarios either a hard chaotic "no-deal" Brexit or the United Kingdom will remain in the European Union.  The GBPUSD climbed to a two-month high of $1.2930, and the GBPJPY rose to a two-week high of 140.43.

USD

The dollar index which measures the greenback against a basket of major currencies was almost flat near the 95.60 level. Yesterday, the former Federal Reserve Chair Janet Yellen said that we might have seen the last interest rate hike of this tightening cycle if there is a downturn in the global economy and spills into the U.S. She added that the Fed should pause and evaluate the latest developments before moving again. The USDJPY traded near the 108.60, and the EURUSD traded in a tight range between $1.1450 and $1.1490.

Metals

Metals prices were almost unchanged as the dollar steadied. The gold ounce consolidated near the $1290 level, the silver ounce was steady near $15.60, and palladium hovered near $1330.

Oil

Oil prices finished lower for the second consecutive day weighed down by global growth concerns. China's trading data signal a slowdown in the economic activity. The West Texas Intermediate crude futures fell to a low of $50.41, while Brent futures dropped to $60.75. The American Petroleum Institute will report the US weekly crude oil stock later today.

Major Economic Events

GMT Country Event Expectation Previous
13:30 US PPI (MoM) (Dec) -0.1% 0.1%
15:00 EU ECB President Draghi Speaks    
Tentative UK UK Parliament vote on Brexit deal    
21:30 US API Weekly Crude Oil Stock   -6.270

 

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