Major events pass without drama
Another mixed session looks on the cards on Thursday, very much continuing the trend this week as we move passed what could have been a volatile Wednesday unscathed and look ahead to a relatively calm end to the week.
Source – Thomson Reuters Eikon
The economic calendar is looking much more scarce compared to yesterday, with US jobless claims and various FOMC voters – vice Chair Richard Clarida, John Williams, James Bullard and Michelle Bowman – scheduled to speak. Coming on the back of the minutes yesterday, these comments will be of interest although with the Fed’s position quite clear, I question just how market moving they’ll be.
Is anyone actually happy with the Brexit extension?
Investors and businesses I’m sure will be relieved to learn that no-deal Brexit has been avoided on Friday, while the rest of us are left wondering why we potentially have another six months of this nonsense.
GBPUSD Daily Chart
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The extension has done nothing for the pound which priced this in a long time ago and remains towards the lower end of its trading range. In the absence of a Brexit deal and with the economy under-performing, facing another six months of uncertainty and maybe no rate hike as a result, the bullish case for sterling near-term may have significantly diminished.
Economic Calendar
For a look at all of today’s economic events, check out our economic calendar.
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