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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 185249, member: 32345"] [B]Date : 8th September 2020. FX Update – 8 September – Sterling STILL centre stage.[/B] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG] [B]GBPUSD, H1[/B] The head of the UK government’s legal department has quit, according to sources cited by the [B]FT[/B],¹ (paywall) who report that Sir Jonathan Jones is “very unhappy” about the government’s decision to overwrite parts of the Northern Ireland protocol that was enshrined in the Withdrawal Agreement. This is a significant development, as it shows the government’s intent on leaving the single market at year-end without a deal, if necessary, rather than being a mere negotiating tactic. The unilateral move to overwrite parts of the Withdrawal Agreement, specifically aimed at enhancing the UK’s state aid autonomy, crosses a fundamental EU red line. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/09/2020-09-08_14-53-21-300x288.png[/IMG] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/09/2020-09-08_14-53-21-300x288.png[/IMG] Sterling has hit fresh lows against its peers, racking up a near 1% loss versus the Dollar and being the biggest loser out of its peer group. Cable dropped to new lows at [B]1.3020[/B], while EURGBP gained 0.86%, printing a two-week high at [B]0.9048[/B]. The Pound is also down against the other European currencies, the yen and dollar bloc currencies. The latest news is that UK Prime Minister Boris Johnson will give a speech later today where he will defend his government’s decision introduce legislation that will unilaterally unpick parts of the EU Withdrawal Agreement. The Internal Market Bill, which will be published this week, is specifically designed to enhance the UK’s state aid autonomy — rather than constrain it, which puts the UK on a crash course with Brussels and its regime for limited state aid. EU Commission President von der Leyen tweeted yesterday that the Withdrawal Agreement is “an obligation under international law and prerequisite for any future partnership.” The risk of the UK exiting the EU without a trade deal are now much greater, and the Pound is likely to run much lower yet. Leaving the frictionless trade of the single market without a mitigating trade deal means UK trade shifting to much less favourable WTO terms (think tax and regulatory friction). The UK won’t just be leaving the common market, but also the 40 trade agreements the EU has with global economies. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/09/2020-09-08_14-55-56-300x287.png[/IMG] [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] [URL deleted] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [URL deleted] [URL deleted] [B]Stuart Cowell Head Market Analyst HotForex Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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