{"id":143927,"date":"2019-03-19T06:59:21","date_gmt":"2019-03-19T10:59:21","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=143927"},"modified":"2019-03-19T06:38:25","modified_gmt":"2019-03-19T10:38:25","slug":"brexit-chaos-deepens-as-commons-speaker-derails-third-vote-on-mays-deal","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/brexit-chaos-deepens-as-commons-speaker-derails-third-vote-on-mays-deal\/","title":{"rendered":"Brexit chaos deepens as Commons Speaker derails third vote on May\u2019s deal"},"content":{"rendered":"
March 19, 2019<\/div>
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Article by ForexTime<\/a><\/strong><\/p>\n

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The British Pound fell yesterday afternoon, after the House of Commons Speaker John Bercow essentially banned Theresa May\u2019s Brexit deal from getting a third vote. Although prices later recovered, this once again highlights the tremendously fluid Brexit equation that markets have to contend with.<\/p>\n

Now, all eyes turn to the summit in Brussels on Thursday, where EU leaders will have their say on an extension to Brexit. It\u2019s key to note that the extension has to be unanimously agreed upon by all 27 member nations before a no-deal Brexit can be safely removed from the table; should just one of the EU members reject reasons for the deadline extension, the Pound will most likely find itself exposed to significant downside risks. With the prolonged moving nature and fluidity of the Brexit situation weighing heavily on sentiment, Sterling remains at risk of unwinding its year-to-date gains.<\/p>\n

Still, the base case that markets are pricing in is one of a delayed Brexit, which may only happen in 2020. However, as we have learned in recent weeks more time may not wholly be a good thing, as it could also bring about extended periods of uncertainty and potentially more permutations to the final Brexit outcome.<\/p>\n

Barring any more surprises, expect the Pound to trade range-bound this week.<\/p>\n

Commodity spotlight \u2013 WTI Oil <\/strong><\/p>\n

WTI Crude found comfort near its highest levels so far this year, after OPEC+ assured markets that its members will stick to the output cuts through the first half of 2019.<\/p>\n

Saudi Energy Minister Khalid Al-Falih says there remains a \u201csignificant glut\u201d in global supplies which still needs to be drawn down before considering scaling back on production cuts, a move that\u2019s supportive of Oil prices.<\/p>\n

OPEC+ producers need to demonstrate unified efforts in their attempts to rebalance the Oil markets and to have any chance of offsetting record US Shale production.<\/p>\n

Between now and the OPEC meeting scheduled to take place in Vienna in June, markets will certainly be closely monitoring indicators on global supply and demand. With US shale production still robust as ever, oversupply fears are likely to linger in the background. However, sanctions on other Oil producers, namely Iran and Venezuela, may sooth such concerns. Meanwhile on the demand side, should global growth show more obvious signs of faltering, this may open up more downside for Oil.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime The British Pound fell yesterday afternoon, after the House of Commons Speaker John Bercow essentially banned Theresa May\u2019s Brexit deal from getting a third vote. Although prices later recovered, this once again highlights the tremendously fluid Brexit equation that markets have to contend with. Now, all eyes turn to the summit in […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-143927","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=143927"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143927\/revisions"}],"predecessor-version":[{"id":143932,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143927\/revisions\/143932"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=143927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=143927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=143927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}