{"id":157119,"date":"2019-10-08T09:58:55","date_gmt":"2019-10-08T13:58:55","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=157119"},"modified":"2019-10-08T09:44:16","modified_gmt":"2019-10-08T13:44:16","slug":"gbp-falls-on-no-deal-fears","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/gbp-falls-on-no-deal-fears\/","title":{"rendered":"GBP Falls On No-Deal Fears"},"content":{"rendered":"
October 8, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

USD Down \u2013 Powell In Focus<\/strong><\/h2>\n

The US dollar has been a little weaker over the European session so far on Tuesday. Data weakness in the US last week has seen upside capped for now with the dollar index remaining congested around the 98.60 level.\u00a0Looking ahead this week, Fed chair Jerome Powell speaks and his comments will be closely watched as the October FOMC comes into view. FOMC meeting minutes and CPI later in the week will also provide volatility.<\/strong><\/p>\n

EUR Rallies on Weak USD<\/strong><\/h2>\n

EURUSD has been firmer against USD today in light of the ongoing pullback in the greenback.<\/strong>\u00a0Looking ahead this week, the September ECB meeting minutes will be the key focus as traders try to assess the likelihood of further ECB easing this year. EURUSD trades 1.0990 last with price nearing a retest of the 1.1025 level.<\/p>\n

Johnson\u2019s Brexit Deal \u201cImpossible\u201d<\/strong><\/h2>\n

GBPUSD has been firmly under pressure today. Despite the softness in USD, GBPUSD has traded back down to 1.2234 following yesterday\u2019s rejection at the 1.2382 level.\u00a0GBP has been heavily sold on reports that Johnson\u2019s deal with the EU is \u201cessentially impossible\u201d to complete on the back of a phone conversation with German chancellor Merkel.<\/strong><\/p>\n

Risk Sentiment Rocked<\/strong><\/h2>\n

Risk assets have come under pressure today also as the market digests the\u00a0news of the US pulling out of the Turkish\/Syrian border region\u00a0ahead of a planned Turkish invasion of Syria<\/a>.<\/strong>\u00a0The move has raised concerns over fresh violence in the Middle East following four years of the US being active in the area. SPX500 trades 2921.38 last having broken back down below the 2932 level.<\/p>\n

Gold & JPY Soar on Safe Haven Inflows<\/strong><\/h2>\n

Safe havens have been firmly higher today as a mix of negative Brexit headlines and fresh Middle East fears combine to weigh on investor sentiment, driving both gold and JPY higher<\/strong>\u00a0against USD. USDJPY trades 106.75 level. XAUUSD trades 1503.63 last as price continues to push back towards the 1522.75 level.<\/p>

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Oil Falls Despite Middle Tensions<\/strong><\/h2>\n

Oil prices, for now,<\/strong>\u00a0remain subdued despite the fresh Middle East concerns.<\/strong>\u00a0Crude has been heavily sold since the failure above the 60.09 level last month as worries for the health of the global economy and consequently, the global oil demand outlook, have kept flows bearish for oil. Crude trades 52.35 last, still sitting above the 51.28 level for now.<\/p>\n

CAD Crushed<\/strong><\/h2>\n

USDCAD has been sharply higher today as weakness in risk markets has weighed on the commodity-driven CAD. USDCAD trades 1.3312<\/strong>\u00a0last with price having rallied back above the 1.33 level once again. While above here, focus remains on a further push higher.<\/p>\n

Gold Holds AUD Up<\/strong><\/h2>\n

AUDUSD is holding up today, despite\u00a0the general risk-off tone to trading. Moves higher in gold are helping keep AUD supported<\/strong>\u00a0as are quiet hopes about the\u00a0upcoming US\/China trade talks<\/a>\u00a0at the top of the week. AUDUSD trades .6745 last as price continues to hold above the .6690 level.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex USD Down \u2013 Powell In Focus The US dollar has been a little weaker over the European session so far on Tuesday. Data weakness in the US last week has seen upside capped for now with the dollar index remaining congested around the 98.60 level.\u00a0Looking ahead this week, Fed chair Jerome Powell speaks […]<\/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-157119","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157119","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=157119"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157119\/revisions"}],"predecessor-version":[{"id":157126,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157119\/revisions\/157126"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=157119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=157119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=157119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}