May's new Brexit plan supported

Daily Analysis - 25/01/2019

Northern Ireland's Democratic Unionist Party is Backing Minister Theresa May


On Friday the GBP reached an almost 3 -month high following a report from Sun that Northern Ireland's Democratic Unionist Party has confidentially chosen to grant limited support to May's Brexit agreement next week.

The pound went up about 1.8% this week, going higher than the key resistance level at $1.31 versus the greenback on faiths that the United Kingdom may dodge a no-deal Brexit next March. GBP advanced 0.25% versus the EURO and improved 0.34% versus the Australian dollar to 1.8478.

Asian stocks gain once more.

Asia equities increased on Friday afternoon notwithstanding new overnight worries regarding U.S.-China trade dealings. Hong Kong's Hang Seng index advanced 1.33%. The popular Tencent jumped more than 2.8% on because the company is getting support for two new games following months of anticipating.

The Shanghai Composite increased more than 0.5% while the Shenzhen component increased by about 0.6. The Shenzhen composite added 0.3%.


Gold rises on global concerns

On Friday Gold went higher due to anxieties that a continued U.S. government closedown can increase the already decelerating global growth. The markets are expecting U.S.-China trade discussions to take place next week. Traders are concerned about the economic impact of the lengthiest U.S. government shutdown in history that as for now in its 34th day, and without any expectancy for a resolution.

Spot gold rose 0.2% at $1,282.50 per ounce, while U.S. gold futures were fixed at about $1,281.39 per ounce.


Oil prices jump

On Friday Oil prices increased more than1% while the uncertainty in Venezuela sparked concerns that its oil exports may quickly be interrupted.

On Thursday the U.S warned that it could force penalties on Venezuela's crude exports while Caracas sinks further into political and economic chaos.

International Brent crude oil futures were at $61.89 a barrel while U.S. West Texas Intermediate (WTI) crude futures were at $53.90 per barrel, about up 1.5%.


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