The Sterling continued to be the FX market in focus for investors over the weekend, that’s after the UK Parliament decision to postpone the Brexit vote. That gives the Brexit negators time to fight PM Boris Johnson decision and moves the dice over to the EU legislators, which can elect to give the UK more time to decide, maybe enough for a new referendum. The GBP lost 0.5% over the weekend and trades this morning at 1.29 versus the dollar, lower from 5 -month highs. The dollar is expected to gain back some of its last week losses, the worst month for the dollar over the past five months. FX markets will brace also for the last ECB meeting for Mario Draghi, this coming Thursday. US and EU equity markets traded sharply lower Friday, that’s on DOW’s weakness and a pullback in leading US technology stocks. Metals traded mostly sideways Friday, Gold closed at $1,495 per ounce and Silver at $17.6 per ounce, both marginally lower on the day. Oil prices closed lower after seesawing all day, closing at $53.77 per barrel after trading as high as $54.7 and pulling back on global growth concerns, the weakness in US markets and fears that OPEC members will not be able to comply with the proposed production cuts.
CAD Federal Elections and UK Brexit talks are the important news on the agenda Monday. (all times GMT).
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Sterling pulls back from 5-month highs on another Brexit setback..
Oil lower this morning on global demand worries and OPEC supply concerns..
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