The Brexit saga goes on

March 14, 2019

Well, the mess continues, with votes taken daily on a few different aspects of the latest Brexit deal.

The EURUSD opened at $1.12863 and remained steady in early trading, dipping to a low of $1.12761 mid-session. The euro rallied from that low, climbing to a late high of $1.13374. It is not far off that high, currently trading at $1.13340.  The GBPUSD took off last night, buoyed by a “status quo” direction that Brexit seems to be taking. The pair opened at $1.30697 and dipped to an early low of $1.30608. The pound spent the rest of the day climbing, spiking late in the session to a high of $1.33785. It is currently trading at $1.33146.

The Dow performed strongly overnight, unperturbed with the news that Boeing as had all of its 737 aircraft grounded worldwide, sending the stock price plummeting. The index opened at 25,577.71 and fell to an early low of 25,468.65. The Dow rallied off that low to reach a late high of 25,787.74. It is not far off those highs, currently trading at 25,772.14. The Dax made some solid gains overnight after looking shaky early. The German index opened at 11,547.83 and fell to early lows of 11,498.47. It posted some healthy gains from that point, climbing to a high of 11,605.49 before closing at 11,598.91.

The day ahead is once again dominated by Brexit. After voting down the latest Brexit deal two days ago, UK lawmakers voted overnight to reject a no-deal Brexit. The vote was carried by a small majority (321-278). There is another vote occurring overnight as to whether the UK wants to extend the March 29 Brexit deadline by a further two months. This is turning out to be a constitutional crisis, with lawmakers seemingly unable to agree on anything.

Data released today includes:

Canada – NHPI

Europe – German & French Final CPIs, Swiss CPI

US – Import Prices, Unemployment Claims, New Home Sales, Natural Gas Storage

China – Industrial Production, Fixed Asset Investment, Retail Sales, Unemployment Rate


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