European Court of Justice said that UK can stop the Brexit

Weekly Report - 10/12/2018

Hold your Breath it's Brexit


On Monday the European Court of Justice confirmed that the United Kingdom can recall the Brexit without requesting approval from other European Union members. The judgment reflected the direction provided the past week by a non-binding view to the European Court of Justice from a topmost European law administrator. The claim was made by a group of Scottish legislators who asked a legal decision on if the U.K.'s demand under Article 50 to leave the EU could be unilaterally withdrawn before the Brexit deadline of March 29. Article 50 permits a country to start the process that leads them out of Europe's political and economic union.

The Week that was

On Friday evening during Asian trading session, the popular cryptocurrency Bitcoin lost more than 10% against the USD in less than 24h and sparked more falls for the coin among the cryptocurrency world.

The past month was bad for the popular cryptocurrency because it lost more than 8% on the opening day of the month. On Friday Bitcoin traded at $3,367.49, falling more than 10% over the last 24 hours, according to Coindesk. Zennon Kapron, director at financial technology consultancy Kapronasia through an email said that the cryptocurrency world "definitely seems to suffer." "The market is in a general bearish trend that doesn't seem to be letting up driven by what seems to be a general negative sentiment towards crypto.”


Main Focus This Week

This week ahead will show the future of the UK, while the ECB delivering its policy this week will include stats that cover October GDP, on Monday we will have trade and production figures while the next day we will see the employment numbers these figures normally present lots of clues about the direction. The center of our focus will be on the 11th December Administrative vote about the Brexit agreement and that will give GBP a strong momentum whatever the result. The GBP/USD closed the week down 0.18% to $1.2725.


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