May postponed a parliamentary vote for Brexit

Daily Analysis - 11/12/2018

Brexit Turmoil Continues

The GBP fell to a 20-month low area versus the greenback today after British Prime Minister Theresa May suspended the critical vote about over the Brexit agreement. That move sparked an increased uncertainty and a probable chaotic exit from the European Union is now more real.

Yesterday the Prime Minister May delayed the administrative vote, which was scheduled to take place today. The movement stoked further ambiguity as England now faces Brexit without a settlement, a last-minute deal or another EU referendum.

GBP inched up about 0.15% to $1.2576 after collapsing 1.3% the previous trading day, while the popular currency brushed $1.2507, its lowest level in about a year.

Oil prices rose markets remain vulnerable

On Tuesday Oil prices went higher after Libya's National Oil Company announced force majeure on exports from the El Sharara oilfield, which was taken the past weekend by a local army group.

Notwithstanding that, overall view on oil rates continued uncertain due to concerns over global stock markets and uncertainties that projected supply cuts directed by producer club OPEC will be just to rein in oversupply. U.S. West Texas Intermediate crude futures went up at $51.15 per barrel which is about 0.3 percent.

International Brent crude oil futures went also up at $60.19 per barrel at up about 19 cents from their last conclusion.

Gold going higher as the greenback is weakening

U.S. gold futures moved about 0.2% higher at about $1,251.2 per ounce while Spot gold moved up 0.2% at $1,246.60 per ounce. It reached its greatest level in more than four months at $1,250.50 in the previous session. On Tuesday Gold prices went higher, boosted by expectations that the U.S. FED could suspend its rate hike series earlier than anticipated and as the greenback slid after the previous trading session's rally.

Dow gives back 500-points

Yesterday stocks went up deleting the last sharp declines from the previous day while shares of tech companies note powerful retracements all over the market.

The S&P 500 climbed about 0.2% to 2,637.7 and the Dow Jones Industrial Average finished 34.30 points above at 24,423.24, deleting a 500-point decline while the tech-heavy Nasdaq Composite went up 0.7% to 7,020.50.

Facebook shares climbed more than 3% as Alphabet, Amazon, and Netflix, all raised more than 0.6 %. On the Other hand, Apple, gave back more than 2% to end 0.60% higher.