Trading Plan – Mon 21 Oct: GBP holds gains as Boris battles with Bercow…

Mark Nugent Oct 2019, Trading Plan

Trading Plan – Mon 21 Oct: GBP holds gains as Boris battles with Bercow…

Week 42 had only one day of significant risk-on sentiment – Tuesday.

The big event was in the UK/EU where a Brexit deal was agreed between the two sides on Thursday. However, the DUP said they would not vote for it as it involves a border in the Irish sea. Parliament sat on Saturday with the intention of having a meaningful vote on the deal (not the full Withdrawal Agreement) but an amendment (“Letwin Amendment”) was passed requiring all legislation for Brexit to be in place before the deal was passed by Parliament. As a consequence, the Government cancelled the vote and an extension was sought from the EU under the terms of the “Benn Bill”. The EU have yet to respond.

The situation remains fluid, to say the least.

Equities showed little volatility. On the FX markets, the GBP was up on Brexit progress. The USD dropped on bad economic news. The JPY dropped as the sentiment stayed indecisive. Commodity currencies moved little. WTI and GOLD hardly moved.

Week43

This week’s economic calendar is sparse and there is little movement so far today. I will assess the risk sentiment later this evening using the “Trade Finder” tool and decide if there is anything worth considering. I will let you know via WhatsApp if I see a real shift in sentiment.

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