Sterling Rise as UK MPs Fight Back, USD Falls on Disappointing Data.Updated 09:29AM 04/09/2019
GBP and SEK are the top G10 FX gainers today, up 0.43% and 0.39% vs the dollar while JPY and CHF are the top losers, down -0.23% and -0.05% vs the dollar.
Sterling recovered after hitting a three-year low versus the dollar on Tuesday; UK MPs won a vote to take control of parliamentary time. The showdown between PM Boris Johnson and MPs will continue today with two crucial events; a vote to block a no-deal and a vote on another election. The base case is another general election before Brexit but not necessarily before the 31st of October.
The dollar continued its fall following disappointing factory data, aiding the Euro to recover from 28-month lows.
In the Asian equities space, the Nikkei 225 closed up 0.12% at 20,649.14, Hang Seng closed 3.9% at 26523.23 and Kospi ended 1.16% at 1988.53. The European equities were trading firm with the FTSE up +0.74% at 7322.08, DAX up +1.2% at 12053.2, and CAC up +1.13% at 5527.74. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.4775% and the Bund 10-year yield trading at -0.683%. In the energy space, the Brent (front month) is trading up (0.46%) for the day at $58.53.
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