The U.K Parliament resumes

Daily Analysis - 26/09/2019

Boris Johnson challenged his opponents to act

On Wednesday Boris Johnson the British Prime Minister challenged his opponents to either let him do his job on delivering Brexit or take down the government. In a very aggressive tone he said “come on, come on then” to a harsh House of Commons. Prime Minister Boris Johnson said to his rivals that they have the option to take a vote of no-confidence in the administration on Thursday and start an election to eventually destroy the Brexit standstill.

U.K. is facing a little more than a month deadline to depart from the EU. However following three years of political pressure in the parliament, the U.K was incapable to reach to an agreement regarding Brexit. Now it continues to be unclear if and on what circumstances the U.K will depart from the bloc.

Greenback looks steady

On Thursday the Greenback was in consolidation mode. It stood close to a multi-week top versus its primary rival currencies while falling against more volatile pairs. That happened after the U.S. President Donald Trump announced that there could be a trade agreement with China shortly. The euro jumped back from an overnight 14-day low yet settled under $1.09 at $1.0958. The GBP also bounced back from a 14-day low while investors priced in due to Brexit uncertainty reaching $1.2367 on Thursday. Trump stoked optimism for a trade agreement by saying to journalists in New York that the U.S. and China were possessing “good conversations” and that a deal “could happen sooner than you think.”

Rising supplies keeps oil steady for now

On Thursday Oil remained constant following a drop from the previous two trading sessions upon production anxieties. The conference included building supplies and indications of decreasing demand. U.S. West Texas Intermediate (WTI) crude futures fell 2 cents below, to $56.46 a barrel. Brent crude futures fell 3 cents, to $62.35 a barrel, from the previous end.

U.S. stock index futures looks weak today

On Wednesday the U.S trading session closed on a more powerful tone following President Trump's announcement that a U.S.-China trade agreement could come sooner-than-expected. Both U.S and China are embroiled in a hazardous tariff conflict since 2018. Meanwhile, markets are also watching an impeachment probe began at the House of Representatives on Tuesday, in connection to a call among President Trump and his Ukrainian counterpart, Volodymyr Zelensky. Today the U.S. stock index futures were slightly below yesterday's close.