NY Open: Brexit breakthrough upstages US inflation
FX Trader, Loonieviews.net
Summary: News of a Brexit deal but no indications of Westminster getting behind it saw GBPUSD trade in an extremely choppy fashion Wednesday.
As has been the norm of late, GBPUSD has been wildly choppy, trading in a 1.2885-1.3002 range since the New York open. Traders are reacting to every Brexit headline.
Wall Street was relieved when the inflation report didn’t present any upside surprises. The Nasdaq is 0.72% higher as of 1400 GMT followed by the S&P 500 which is up 0.71% and a 0.55% gain in the DJIA.
Oil prices movements make GBPUSD price action look boring. WTI oil rallied from $55.58 to $57.31, fulling reversing its overnight losses, in part due to this morning’s US dollar losses.
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