May's Brexit deal rejected again

Daily Analysis - 13/03/2019

Brexit process creates more uncertainties

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The Brexit process will probably face additional uncertainties the following week, after another loss for the Prime Minister Theresa May regarding the departure deal. On Tuesday evening U.K. lawgivers declined the agreement once more by 149 votes, notwithstanding the last minute support from the European Union which PM had succeeded in getting at Strasbourg on Monday. The Brexit path is yet extremely unpredictable but May has previously guaranteed that there are going to be two more votes at the U.K. Parliament. On Wednesday lawgivers will vote on whether the U.K. should leave the EU with no agreement and on Thursday if they should ask for a delay to its departure. The Departure is currently programmed for March 29.

Gold reached 14-day highs


On Wednesday the yellow metal Gold climbed to a near 14 day top, reaching the all important top of $1,300 level in the previous session. That happened while traders required a more safe-haven asset following the British lawmaker's rejection of the exit deal. Further support was a softer dollar. U.S. gold futures climbed 0.5% to $1,304 an ounce while the Spot gold gained 0.3% and went to $1,305.20 per ounce, after reaching its greatest level since the beginning of the month at $1,305.67.

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Oil getting stronger


On Wednesday, Oil advanced driven up due to the continuing supply cuts from U.S. sanctions upon Iran and Venezuela, also included OPEC. Oil has been driven up in 2019 by supply cuts influenced by the Middle East controlled producer group of the Organization of the Petroleum Exporting Countries. U.S. West Texas Intermediate (WTI) crude futures went up to $57.11 per barrel while the International Brent crude oil futures went also up to $66.84 a barrel or about 0.3%, from their last conclusion.

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GBP partially recovers


Today the GBP went up following the confusion after the loss of British Prime Minister Theresa May's European Union departure deal. However, traders got ready for more volatility before further Brexit processes. Sterling was up 0.2% at $1.3089 and stuck to a small range. The currency had lost 0.6% the previous day when it fluctuated widely between $1.3290 and $1.3005.

 

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