An eventful US session with Brexit and Oil in focus
- Oil - heads up for the inventory data due around the bottom of the hour
- Oil down a whopping -8.00% now at 55.00 daily support
- NZD/USD pair pulls away from 100 EMA on 15 minute chart
- US State Department to reschedule meeting with North Korea when the 'time is right'
- REINZ October House Sales YoY 15.5% vs -3.0% prior
- The GBPUSD is not liking the Brexit deal text either
- US Oil hits $55.72, lowest since November 2017
- US monthly budget statement $-100.5 B vs -$100.0B expected
- UK Liberal Democrat Leader says PM will not get deal through Parliament
- EUR/USD rejecting 50 EMA on hourly chart
- Oil down -6.00% as 55.00 daily support level looms
- Ouch ! If Brexit deal is as reported, this Government's days are numbered
- Labour opposition to vote against Brexit deal
- Growing body of people sceptical of Brexit deal
- EU leaders could meet for 25 November to seal Brexit deal
- Boris Johnson to vote against this Brexit deal
- Rees- Mogg on the wires about leaked Brexit deal
- DUP Deputy leader Dodd on the wires on Brexit deal. He is sceptical.
- GBPUSD approaching last hour's highs as more Brexit details come through
- DUP spokeswoman on the wires about Brexit deal
- GBPUSD jumps on Brexit Cabinet meeting to 1.3046
- Brexit Endgame is beginning
- UK PM May to present ministers with Draft Brexit Deal on Wednesday - Telegraph
- EU and UK negotiators have agreed on a Brexit text
- Italian Prime Minister to send answer to Brussels regarding budget.
- White House economic advisor Kudlow says now talking with China on trade
- US Oil is falling further - now down -4.56%
- US Stocks on the slide again
- GBPUSD upside still contained by hourly 100 and 200 EMA
- Philly Fed Survey forecasts lower growth and inflation for Q4
- DUP's Dodd- looks like negotiators are inching towards compromise
- EU's Juncker on Brexit
- US Equity markets opening higher
- US oil continues to fall. When will the turnaround come?
- GBPUSD runs into 1hr resistance at 100 and 200EMA
- Post-links Paragraph Text Here, don't forget an image.
Market data
- S&P 500 down -0.15% at 2741
- Nasdaq down +-0.00% at 7242
- Dow Jones down -0.40% at 25519
- FTSE 100 +-0.00%
- GBPUSD +0.83% at 1.2956
- US Crude -7.73% at 55.30
GBP and NZD strongest currencies on the session (However, GBP gains were capped by negative prospect of a Parliamentary vote getting the Brexit deal agreed in the UK)
The US Session was dominated by the technical agreement of a Brexit deal between Britain and the EU. The GBP immediately rallied on the news and Theresa May is due to meet her Cabinet tonight, one by one, to run through the Brexit divorce text. However, the initial rally in the GBP was short lived as the inevitable question arose, would the deal be voted through Parliament. A steady stream of dissenting voices made their way through the wires expressing their desire to vote the deal down: Rees-Mogg, Boris Johnson, Jeremy Corbyn the Labour leader, Iain Duncan Smith the former Conservative leader. It quickly becomes apparent that any vote to accept the Brexit deal was not going to come easily. The focus is now on the detail. A failure of the cabinet to agree will most likely result in resignations and further difficulyt for the GBP. That story is most likely for tomorrow now. Cabinet is due to meet on Wednesday at 1400GMT
Other major news was a whopping -8.00% drop in oil down to the daily 55.00 level. An over supply from Non-Opec producing countries has brought US crude tumbling down and this firmly puts the focus onto OPEC next month and whether their supply cuts will aid a recovery on oil from here. Expect some support from 55.00 daily level, but the chart is awfully heavy at the moment. The plus side is the stuff getting cheaper at the pumps.
REINZ housing data out at 2000GMT saw house sales rise in New Zealand by 15.5% YoY. This was the strongest set of sales in 5 months and NZDUSD pulled away from the 55 and 100 EMA on the 15 minute chart and it currently sits at 0.6756
