No approval for Boris Johnson on General elections

Daily Analysis - 29/10/2019

U.K prime Minister failed to get a vote for general elections


U.K. Legislators rejected Johnson's request for a general election on Dec. 12. Following the rules, 434 MPs, of Parliament, required to support the proposal to pass. However, the government only got 299 while opponent legislators rejected the opportunity for Prime Minister Boris Johnson to host general elections. The Prime minister announced that the administration will repeat the process with a new plan for a Dec. 12 election in a vote today, stating it is time to “get Brexit done.”

Johnson’s failure suggests that he is now expected to seek a different path in order to succeed.

Gold prices changed little today

On Tuesday, Gold remained limited floating near the essential $1,491 an ounce area while developments in the U.S. - China trade discussions supported the equities and provide positive momentum to many of them. All these while anticipations before the important central bank gatherings during the week also gave some support. Spot gold remained flat at $1,491.78 an ounce following a drop of almost 1% in the previous trading day. U.S. gold futures fell 0.1% to $1,494.09 an ounce.


Oil is heading lower for now

On Tuesday oil fell while traders anticipated the U.S. crude inventory numbers to provide some evidence on how oil demand is progressing. West Texas Intermediate (WTI) crude fell 12 cents to $55.68, following a drop of 1.5% in the previous trading session. Brent futures also fell, 6 cents to $61.50 a barrel following a drop of 0.7% yesterday.


AUD and NZD saw gains due to trade war developments

On Tuesday anticipation for positive development in the ongoing trade war between the U.S. and China boosted trade-exposed Asian currencies as rising expectations that the U.S. Federal Reserve may hold the rates even for now. The most significant gainer was NZD, which gained about 0.3% to $0.6363. The safe-haven currencies of the Japanese yen and Swiss franc each raised lightly. The AUD scored its most important level since last Thursday, reaching $0.6850.


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