Laser focus for May
- Next steps in the Brexit saga. Britain in need of 'a cunning plan'
- USDJPY recovers away from the 100EMA
- US Oil moving away from underside of 4hr Channel
- Fed's Bostic on the wires
- GBPUSD post May press conference and Gove expected to resign
- Theresa May asked a question on Michael Gove.
- Theresa May speaking live now
- Time for a quick cuppa - May's press conference delayed until 1715GMT
- Waiting for PM May to start speaking at the press conference
- Brexit rumours, whispers and general speculation
- EURGBP moves through 100 and 200 daily EMA
- US Oil finding resistance on 4hr channel after build in inventories
- DOE inventory data shows crude oil inventories 10270K vs 3200K est
- Brexit: PM May to hold press conference at 1700GMT today
- EIA natural gas storage change 39BCF vs 33 BCF est.
- ICYMI: Michael Gove considering becoming UK Brexit Secretary
- US business inventories for September 0.3% vs. 0.3% exp.
- GBP now nestles against 50 EMA on the 5 minute chart
- USDJPY falling towards 4 hour 200EMA
- Canada October existing home sales -1.6% vs -0.2% expected
- GBUSD under pressure as Rees-Mogg moots weeks to replace May
- US empire manufacturing for November 23.3 vs 20.0 expected
- US import price index October 0.5 % versus 0.1% expected
- Initial jobless claims for 10 November 216K vs 213K expected
- Philadelphia Fed non-mfg business activity index in November 12.9 versus 22.2 prior
- Pound tumbles -1.7% against the euro in biggest decline in a year
- Now Boris Johnson enters the Brexit fracas
- Correction of No Confidence vote - Rees-Mogg to submit this PM
- PM May's political spokesman on the wires
- Oil held by underside of 4 hour channel for now.
- Rees-Mogg submits letter of no confidence in PM May
- PM May says it is Parliament's duty to to deliver on Brexit vote
Markets
- S&P500 +0.53%
- Dow +0.26%
- FTSE 100 +0.06%
- Bitcoin -0.84%
- Nasdaq +1.00%
- Dax -0.52%
It was another day dominated by Brexit headlines. The brexit minister Dominic Raab resigned, Rees-Mogg threatened to hand in a vote of no confidence for May's leadership and a number of resignations trickled in through the day. The GBPUSD fell heavily as it becomes increasingly apparent that a Parliament vote on the Brexit deal is not going to pass. The GBPUSD sank to the lows of 1.2750 on the negative news that Dominic Raab was leaving and had a dead bounce until sliding back down to test the daily lows again as Theresa May took to give a statement at 1700GMT. The GBPUSD pair initially rallied as it became clear that Theresa May was not resigning. However, those small gains were quickly given back post May speaking when it was reported that Michael Give would be resigning later on this evening.
Brexit news dominated the session and a risk off tone entered into the markets. Despite a good read on the headline US retail sales the USD/JPY pair was pressure throughout the day as the UK, and not the US, became the focus. The USDJPY pair sank to the lows of around 113.07 until finding some relief and rising back up over the 100 EMA on the 4hr chart as US stocks recovered from their initial losses after the open. They made minor gains by the time I finished my session coverage.
There was build in Oil inventories, but the market is getting tired of this repeated pattern,. The response was muted although price pulled away from the underside of a 4 hour channel I have been flagging up over the last few days. Focus will now shift onto OPEC and the reported production cuts that are to be made for January 2019.
