24th October 2019 Market Update
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🇬🇧 GBP – A very quiet day data wise, along with no Brexit revelations being published meant that markets were relatively settled and there was less movement in currency markets than we have seen over the last week or so.
An extension to the Brexit deadline is expected to be granted by the EU this week, but the length of the extension remains in question. Boris Johnson is said to be in favour of a short extension, and denies that the government is split over debates around pre-Christmas election talks.
The pound is bound to be choppy against most major currencies this week as rumour and news emerges from the debate.
🇪🇺 EUR – The frustration of Brexit is clearly taking its toll on EU leaders who are expected to give their verdict to a Brexit decision this week. Addressing the European Parliament in Strasbourg, Jean Claude Juncker said it has “pained” him to have spent “so much” of his time in his role dealing with Britain’s departure from the bloc. With economic woes of their own, the UK is at risk of an “accidental no deal” which would likely send the pound crashing down.
🇺🇸 USD – There was no data out from the US yesterday, which meant the US Dollar had a quiet day, maintaining its value over most major currencies. The trade war with China seems to have subsided for now, with both sides focusing on preventing a slow-down in their respective economies. Discussions could turn prickly again in the coming months, as larger issues which have been swept under the rug come into the spotlight again.
GBP: Markets braced for pending election and extension
EUR: EU leaders discuss extension timeframes
USD: Trade war subsides
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