23 Oct: UK MPs reject UK PM’s attempt to fast-track Brexit deal. Who knows where next?! Extension seems likely now.

By | October 23, 2019

 

It has been another mostly steady day on Tuesday although Sterling is currently lower end of a rather choppy session, after the UK government finally approved the PM Boris Johnson’s Brexit Bill but then rejected his time table for doing so before 31st October. Right now it looks as though the EU nations are going to offer the chance of delaying Brexit until January 2020 although the situation is very fluid and things are moving quickly as we head towards the divorce date, with BJ vowing to press ahead with a 31st October exit.

Most FX pairs, aside from Sterling have been very quiet although the US$ is generally a little bit stronger.

Stocks and the metals have moved in a tight, sideways range while WTI is up by around 1.5% as traders focused on a report that OPEC might consider deeper supply cuts when it meets in December.

Wednesday will see a very quiet calendar with hardly any market moving data, leaving it to politics and trade headlines to provide any directional move. The NZ Trade Balance is coming up (exp $-1.12bio/mm, $-5.49bio/yy) as is a speech from the RBA’s Kent. That aside there will be nothing from Europe apart from the Preliminary EU Consumer Confidence, while the US session will have just the August House Price Index and the EIA Crude Oil Stocks Weekly Change to contend with.

Economic data highlights will include:

Wed: NZ Trade Balance, RBA’s Kent Speech, EU Consumer Confidence, US House Price Index, EIA Crude Oil Stocks Weekly Change

Market moves, in brief:

FX: DXY 97.45 (+0.13%)

Bonds: US10Y; 1.769% (-1.99%), German 10Y; -0.368% (-7.38%), UK 10Y; +0.623% (-6.99%), Australian 10Y; 1.178% (+1.52%), NZ 10Y; 1.341% (+4.36 %), China 10Y; 3.203% (-0.41%)

Stock Indices: DJI; -0.08%, S+P; -0.06%, NASDAQ; -0.71%, EUStoxx50; +0.13%, FTSE100; +0.68%, Shanghai Composite; +0.50%,

Metals: Gold $1488 oz (+0.3%), Silver $17.53 oz (-0.23%), Copper $2.636 lb (-0.40%), Iron Ore $90.53 per tonne (NYMEX) (-0.06%),

Oil: WTI $54.37 pb (+1.47%)

CURRENCIES
EURUSD: 1.1125
Res  1.1145  1.1165  1.1185
Sup  1.1115  1.1100  1.1085
USDJPY: 108.49
Res  108.70  108.95  109.20
Sup  108.25  107.95  107.65
GBPUSD: 1.2888
Res  1.2940  1.3010  1.3070
Sup  1.2860  1.2815  1.2770
USDCHF: 0.9895
Res  0.9900  0.9915  0.9930
Sup  0.9875  0.9860  0.9840
AUDUSD: 0.6857
Res  0.6880  0.6895  0.6910
Sup  0.6850  0.6835  0.6820
NZDUSD: 0.6406
Res  0.6420  0.6435  0.6455
Sup  0.6400  0.6385  0.6370
INDICES / COMMODITIES
S&P.fs: 2992.53
Res  3010.00  3025.00  3040.00
Sup  2990.00  2975.00  2960.00
DJ30.fs: 26763.50
Res  26855.00  26935.00  27025.00
Sup  26695.00  26610.00  26510.00
SPI200.fs: 6637
Res  6665  6685  6705
Sup  6620  6600  6580
XAUUSD: 1487.84
Res  1490.00  1495.00  1500.00
Sup  1480.00  1475.00  1470.00
XAGUSD: 17.52
Res  17.65  17.75  17.85
Sup  17.45  17.35  17.25
WTI.fs: 54.20
Res  54.65  55.05  55.45
Sup  53.90  53.45  53.00

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