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Brexit provides a busy session

FOREX

GBP plummets on Brexit headline

  • EU VDL told the EU Summit "no deal" was the likely option, set the tone for the Pound and across multi assets.
  • USD saw further upside continuation following the latest Brexit headline on safe haven, as Equities dipped lower.
  • Gold test low of the session on the Dollar move. With next support in the precious metal noted at $1822.5 - Low Dec 7
  • Cable fell 130 pips and through multiple supports to print a 1.3185 low.
  • Cable has since pared some of the weakness after VDL, added during the EU summit presser, that they will decide Sunday if they are conditions for a deal.
  • USD outperforms against most G10s, beside the JPY, given the risk off tone in early trading.
  • Some large moves was also seen in EM and particularly the Turkish Lira down 0.86% against the Greenback, on EU and US Sanctions.
  • Looking ahead, US PPI and Michigan are the data of note Speakers sees ECB de Cos and Fed George and Quarles, but given blackouts, there will be no mention of monetary policy ahead of the FOMC next week
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