GBP up Earlier than Brexit Storm, EUR Resilient, AUD Underperforms – US Market Open


GBP: Forward of the essential Brexit vote tomorrow night, GBP is barely firmer this morning. Whereas it’s anticipated that PM Could’s deal might be rejected, the query might be, by how a lot and what occurs subsequent. To date, the expectation is that PM Could will lose by over 100 votes (320 votes wanted) and in regard to what occurs subsequent, this has ranged from the potential for a second referendum to a basic election. Consequently, 1-week implied choice volatility factors to a 200pip break-even straddle. At this time’s good points in GBP has largely stemmed from PM Could’s speech during which she highlighted the more than likely end result if her deal just isn’t handed isn’t any Brexit in any respect, versus a no-deal Brexit.

EUR: EZ information continues to deteriorate with the most recent industrial manufacturing figures printing a large drop, consequently, stoking technical recession fears. Whereas at present’s studying just isn’t solely stunning given final week’s German and French figures, the Euro stays stubbornly resilient to delicate information prints nonetheless. The Euro has been supplied with some help following the coverage shift within the Fed’s pondering during which the US-DE 2yr unfold have continued to bounce again, now at -313bps from -360bps in November.

AUD: The Aussie is underperforming this morning following poor China commerce information. The newest information confirmed a shock fall in Chinese language imports of seven.6% vs. expectations of a 5% acquire, whereas exports had dropped four.four%, lacking estimates of a three% rise. Consequently, fears of a Chinese language slowdown have resurfaced with the US-China commerce dispute including to the draw back dangers that the Chinese language economic system is dealing with. (For technical report, click on right here)

GBP up Before Brexit Storm, EUR Resilient, AUD Underperforms - US Market Open

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GBP up Before Brexit Storm, EUR Resilient, AUD Underperforms - US Market Open

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— Written by Justin McQueen, Market Analyst

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Observe Justin on Twitter @JMcQueenFX exchange/technical/article/currency_crosses/2019/01/14/AUD-Technical-Evaluation-Overview-AUDUSD-AUDJPY-AUDNZD.html?ref-author=McQueen

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