Daily Analysis - 29/08/2019
The Prime Minister of the UK Boris Johnson has programmed the regular resume of parliament on October 14. This extremely questionable move that will limit parliamentary time to find a solution to the Brexit matter and boost the probabilities of the United Kingdom withdrawing from the EU without an agreement.
Yesterday morning the UK’s PM approved that parliament will hold, days after legislators return from their summer break, and would return for the Queen’s Address describing the government’s post-Brexit programs on October 14.
On Thursday Gold holds its profits due to the fear of a probable recession. Traders following hints of the course on the US-China trade discussions and central banks all over the globe look for direction on interest rates. US gold futures rose 0.1% to $1,550.79 an ounce.
Spot gold went up 0.2% to $1,542.05 per ounce.
Yesterday the bullion finished lower but settled around it's over the six-year top of $1,554.55.
On Thursday Oil dropped for the first time after three days. The drop came following San Francisco's Federal Reserve President comment in a note regarding concerns over the health of the US economy.
Brent crude fell 30 cents, to $60.18 a barrel while US crude dropped 15 cents, to $55.63 a barrel. Oil prices grew around 1.5% in the previous session. Fears regarding retardation in the economy because the trade conflict between the United States and China, accompanied by the potential blow to oil demand, are keeping prices down.
On Thursday, fears regarding the global economy supported the safe-haven Japanese yen including record lows on key US 30-year Treasury yields that weaken the greenback. The rise came while traders became cold on the possibility of a trade war resolution any time soon.
The yen was steady and gained 0.3% in the Asian session and went to as high as 105.90 per dollar following the confidence seen in currency markets.
