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UK business groups urge Britain, EU to find compromise: FT By Reuters

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© Reuters. FILE PHOTO: British Union Jack and EU flags are pictured before the meeting with Britain’s Brexit Secretary Barclay and EU’s chief Brexit negotiator Barnier in Brussels

(Reuters) – More than 70 British business groups representing over 7 million workers have made a last-ditch attempt to persuade politicians to get back on the dialogue table next week to strike a deal with the European Union, the Financial Times newspaper reported on Sunday.

The groups ranged from the CBI, TheCityUK and techUK to the National Farmers’ Union, British Retail Consortium and the Society of Motor Manufacturers and Traders and asked for the sides to find a compromise over trade terms, the report added https://on.ft.com/2H8JayB.

“With compromise and tenacity, a deal can be done. Businesses call on leaders on both sides to find a route through”, the newspaper quoted the groups as saying in a statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Pound Trends Higher as EU Pledges to Intensify Brexit Talks By Investing.com

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© Reuters.

By Yasin Ebrahim

Investing.com – The pound eased from against the dollar from session highs Monday, but remained supported as the EU appeared to extend an olive branch, saying it remains committed to intensifying Brexit-deal talks with the U.K.

to rose 0.45% to $1.2971, below session highs of $1.3025, but well above lows of $1.2897.

EU Brexit negotiator Michel Barnier confirmed the EU remained “available to intensify [Brexit] negotiations in London,” marking a change in tone somewhat after EU leaders had dropped their pledge to intensify trade talks last week and called on the U.K. to make concessions for a deal.

U.K. Cabinet Office Minister Michael Gove had suggested the U.K. would not resume talks moments before acknowledging signs of progress, “Even while I’ve been at the dispatch box, it’s been reported that there has been a constructive move on the part of the EU and I welcome that,” Gove said.

The game of brinkmanship between both parties, however, is expected to continue in the wake of little progress on key issues that have held back talks including the so-called level playing field commitments, fisheries and issues of governance.

The positive start to the week for sterling comes as speculative traders appear to be betting both sides will eventually find common ground and clinch a post-Brexit trade deal.

Ahead of yet another crucial phase for Brexit and sterling this week, “we suspect market positioning on GBP did not shift too much on the short side after the confrontational comments and threat of no-deal witnessed last week,” ING said in a note. “[W]e believe this is a market that is far from pricing in a no-deal outcome and we would not be surprised to see only a minor uptick in GBP net-shorts in the next CFTC report.”

“We remain of the view that the downside risks for sterling in a no-deal scenario are still sizeable,” ING added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Euro Dollar Forecast: EUR/USD Tests Trendline Resistance

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EUR/USD Outlook

Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental Analysis

Renewed Hopes for US Stimulus Weighs on Dollar Strength

The need for additional Fiscal stimulus in the US is becoming a matter of urgency as the second wave of the Coronavirus pandemic, combined with an increase in the number of initial jobless claims, continues to weigh on investor sentiment. After hopes of additional support faded last week, optimism resurfaced after House Speaker Nancy Pelosi announced her intentions to reach an agreement with Treasury Secretary Steven Mnuchin within the next 48 hours, should an agreement be possible before the US presidential election on 3 November, which is likely to be an additional driver for price action.

Meanwhile, the staggering number of new Covid-19 related cases, has resulted in the reimplementation of lockdown restrictions throughout Europe, in an effort to curb the spread of the virus, creating a new threat to business activity and overall economic recovery. An additional variance of concern, is the Brexit deadline which is fast approaching, with diminishing hopes that a deal will be reached between Europe and the United Kingdom.

EUR/USD Honors Key Fibonacci Levels

After recovering from March 2020 lows, price action favored the bulls, until reaching a wall of resistance on 1 September at the psychological level of 1.2000, where bears exerted downward pressure, breaking below 1.1700, the 38.2% Fibonacci retracement (between Jan 2017 low and Feb 2018 high), which now remains as support, while the trendline has provided additional resistance for the major currency pair.

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EUR/USD Daily Chart

EURUSD Daily Price Chart

Chart prepared by Tammy Da Costa, IG

MACD Crosses Below Zero

From a short-term perspective, the four-hour chart now highlights prices trading above the 50-period Moving Average (MA), while the Moving Average Convergence/Divergence (MACD) has crossed below the zero line, possible indication that the uptrend may continue, at least for the short-term.

Trading Forex News: The Strategy

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EUR/USD 4 Hour Chart

EURUSD Four Hour Price Chart

Chart prepared by Tammy Da Costa, IG

EUR/USD Strategy Ahead

Currently, the psychological level of 1.8 continues to hold s resistance with a break above, leading to the 61.8% retracement of the short-term move becoming a level of interest.

On the contrary, break below 1.176 (the 38.2% Fibonacci of the short-term move), my see downward pressure exerted until the 23.6% retracement level comes into play at 1.17061.

— Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707





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Canadian Dollar Price Forecast: USD/CAD Support, AUD/CAD Breakdown

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Canadian Dollar, CAD, USD/CAD, AUD/CAD Talking Points:

It’s been another bearish start to the week for the US Dollar, and in USD/CAD, this has helped the pair to push back down to a key area of support. This is around the same area that prices were trading at when I last wrote on the matter; and back then, I noted the general penchant towards CAD-strength as USD-weakness remained a primary theme. That scenario has dissipated a bit as the latter portion of last week brought in a quick bump into USD/CAD; but that move has largely been priced-out through this morning’s open with price action returning directly to this key spot of support on the chart.

USD/CAD Eight-Hour Price Chart

USDCAD Eight Hour Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

USD/CAD Bigger Picture: 1.3000 Looms Large

Taking a step back on the chart, and this current zone of support highlights a number of recent inflections. This level is taken from the 88.6% retracement of the Fibonacci retracement drawn from the December low up to the March high. This price started to come back into play as support in August, with another round of support through mid-September. Most recently, this showed up as some short-term resistance last week but as noted in that prior article, the backdrop could be difficult for bearish continuation given the lurking support just below price action.

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The 1.3000 level has somewhat of a historical quality in the pair. This psychological level was teased throughout the second half of last year, but finally came into play on the final trading day of 2019. And for the first week of this year, price action hung out sub-1.3000 for a while; but bulls quickly got to work and pushed prices higher for the next two-and-a-half months.

To learn more about psychological levels, check out our DailyFX Education section.

That 1.3000 level came back into play in early-September but, similarly, sellers couldn’t muster much continuation and prices quickly bounced from that psychological level. With that price now lurking so close to current prices, are bears going to be able to elicit another test?

USD/CAD Daily Price Chart

USDCAD Daily Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

AUD/CAD Breaks Down

Given proximity to longer-term support in USD/CAD, CAD-bulls may want to look elsewhere and one potential option looked at last week was in AUD/CAD.

Traits of Successful Traders

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AUD/CAD had taken on tones of a descending triangle, with horizontal support holding amidst a series of lower-highs. That setup has filled in and prices have broken down to a fresh low. Follow-through supports could be sought out around .9272, .9184 and then around .9076.

To learn more about descending triangles, check out our DailyFX Education section.

AUD/CAD Eight-Hour Price Chart

AUDCAD AUD/CAD Eight Hour Price Chart

Chart prepared by James Stanley; AUDCAD on Tradingview

— Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX





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