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Market Brief: Brexit Takes a Backseat to Earnings Onslaught
View our guide on how to interpret the FX Dashboard.
The EU reportedly will not make a decision on whether to grant a Brexit extension to the UK until Friday, though most analysts believe it’s highly likely. BoJo’s team continues to threaten to call for an election if Brexit is delayed.
FX: The British pound was the strongest major currency on the day, as traders see either a Parliament-approved deal or an early election as likely to remove the uncertainty surrounding Brexit. The Japanese yen was the day’s weakest major currency.
Turkey’s lira surged higher after President Trump indicated he would likely remove sanctions on the country.
Commodities: Oil surged more than 3% on the day, helped by a surprise drawdown in crude inventories. Gold ticked about 0.5% higher.
Bitcoin fell to its lowest level since May and is now testing a critical support zone in the $7200-7400 range.
US indices edged higher after a late afternoon rally as traders digested a swath of key earnings releases from top-tier stocks (see below)
Energy stocks (XLE) were the strongest major sector again today while Consumer Discretionary stocks (XLY) brought up the rear.
Stocks on the move:
Boeing (BA) rose 1% despite reporting disappointing earnings on the continued fallout from the 737 Max Air debacle.
Caterpillar (CAT) also tacked on 1% despite missing earnings and revenue forecasts. Temporary dealer inventory fluctuations played a role in the earnings miss.
Texas Instruments (TXN) dumped -7% after missing revenue estimates and issuing downbeat Q4 guidance.
Beyond Meat (BYND) shed another -8% today and is now down more than 60% from its peak.
Today’s after-the-bell earnings reports included Tesla (TSLA), Ford (F), Microsoft (MSFT), Paypal (PYPL), and eBay (EBAY), so expect volatility in those top-tier names tomorrow.
Original from: www.forex.com
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