UK parliament rejected a no deal Brexit

Daily Analysis - 14/03/2019

A no deal Brexit out of the equation


Yesterday U.K. parliament denied any attempt to leave the European Union without a Brexit deal. They are going to have another vote tomorrow to decide if its expected withdrawal date should be prolonged.

A no deal departure was generally awaited to be defeated while most Members of Parliament want to dodge the economic risk and trade disorders that it could create.

May's government requested Parliament to vote on ordering out a no-deal Brexit for the March 29 deadline.

Gold fell while Dollar recovers

On Thursday Gold dropped while the greenback recovered some of its losses due to Brexit uncertainty although the yellow metal continued to be close to a 14-day top hit in the previous session. What supported the previous movement was strong U.S. inflation data that strengthened expectations that the FED is probably going to continue with the current rates. U.S. gold futures fell 0.4%, to $1,304.09 an ounce.

The Spot gold fell 0.4% to $1,303.80 per ounce after touching its highest level since the beginning of the month at $1,311.06.


US Dollar erased a 9-day low

On Thursday, the popular greenback rose itself from the nine-day low mostly supported by the fall of the GBP after a sharp climb due to Brexit.

The dollar index, a measure of the currency's power versus six dominant rivals, gained about 0.1% and went to 96.630. It dropped 0.4% later, at one point sweeping a nine-day low of 96.380.

The USD witnessed a blow while the GBP surged more than 2% after PMs voted against a possible chaotic "no-deal" withdrawal from the European Union.


Oil going up due to cuts and Venezuela

On Thursday Brent crude oil scored its greatest level in 2019. The popular commodity went up due to the continuing supply cuts directed by U.S. penalties upon Venezuela and Iran but due to OPEC as well.

A sudden drop in U.S. crude oil production and inventories too boosted prices, according to traders. Brent was cool at $67.74 per barrel about 20 cents up from its last close.

International Brent crude oil futures scored a 2019-top of $67.79 per barrel.


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