China: We're trying to save the world from the United States

Brexit discussions with the European Union are heading in the wrong direction and there is thinking that the U.K. could be going for a quick election.

The ruling Conservatives and the opposition Labour party seem to be thinking of a quick election as early as November. Especially in light of May's destructive meeting with her EU counterparts in Salzburg last week, at which they seemed to reject her and her Brexit proposals.

With the embarrassing refusal of her 'Chequers plan' that was meant to keep the U.K. closely aligned to the EU, the prime minister is seen as weak outside as well as at home. A report by The Sunday Times that two senior aides inside May's Downing Street team had replied to her "summit humiliation" last week by proposing that an immediate general election in November could improve the situation and save both her administration and her job.

The popular newspaper stated that one unnamed senior aide told to another Tory strategist: "What are you doing in November? Because I believe we are going to need an election." For its part, Downing Street has dismissed the statements as "categorically false."

After a fast test on the daily support at about of 1.1728, The Popular pair EUR/USD arranged to generate some momentum trying to test the session tops at the 1.1758 level. EURUSD is looking to continue to add profit to yesterday’s small increase after failing to go further north to the important 1.1800 the figure.

President Mario Draghi at his speech provided a hawkish message. The European Parliament gave the bull the momentum they needed to go to the 1.1800 and above, although the move lacked follow through.

The US-China trade jitters seem to be completely priced in by market members, removing its relevance as a market mover, particularly for the greenback.