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Market Brief: Farage’s Brexit party will not contest Conservative-held seats
The new week has begun with slight risk off tone. At 12:00 GMT, the major European stock indices were down across the board, with the FTSE down more than 1% thanks to a big spike in GBP. US index futures pointed to a lower open on Wall Street. Safe-haven gold was rebounding slightly after it suffered its worst week in 3 years last week. In FX, the pound was the strongest major currency, while the Aussie brought up the rear.
View our guide on how to interpret the FX Dashboard
The biggest news today has been a political one: Nigel Farage said his Brexit party will NOT contest the Conservative-held seats but will do so for Labour amid concerns over a second referendum. This is a major boost for PM Boris Johnson’s Brexit deal, and GBP bulls who favour a soft exit from the EU.
Meanwhile, the UK economy avoided a technical recession, eking out a growth of 0.3% in third quarter following a 0.2% contraction in Q2. However, expectations were for a slightly stronger GDP reading of 0.4%. Meanwhile manufacturing production fell by 0.4% m/m, disappointing expectations of a smaller 0.2% decline. This weighed on industrial output, which fell by 0.3% m/m. Construction output at -0.2% was better than -0.5% anticipated, however.
It looks set to be a quieter afternoon, at least from a data perspective, with the US and Canada observing Veterans/Remembrance Day.
Things should pick up as the week wears on – HERE is our week ahead preview.
Original from: www.forex.com
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