What you need to know on Wednesday, October 23
Publish Date : 2019/10/23 - 06:32

What you need to know on Wednesday, October 23:

Boris Johnson's Brexit plan passed parliament's first hurdle. But the government has delayed the timetable until the next phase. Withdrawal from the EU in October is impossible, and Johnson is negotiating with union leaders, possibly agreeing to an extension by January 31, 2020. If so, there is enough time for elections, most likely in early December. Another solution is to provide a different timetable and exit faster.

Concerns about Brexit led to the GBP/USD falling below 1.29 and the EUR/USD falling.

The market mood has been risk-off due to Brexit and doubts about US-China trade talks. The world's two largest economies are likely to fail to complete the transcript of the first phase of the trade deal by the APEC meeting in Chile.

The yen has strengthened and commodity currencies have fallen behind.

Oil prices didnot change much after the OPEC decides deep cut to oil production at the next meeting. WTI crude is around $54. Private inventory data also show an increase in reserves.

Cryptocurrencies came under pressure with bitcoin plummeting to $8,000.

Source: FX Street

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