Bullet Report: Pound gets Pounded as Teresa May Sets BREXIT day.

Today’s data include US ISM manufacturing Index numbers and UK PMI. Over the weekend, the big news was that UK Prime minister Theresa May said over the weekend that the UK government intends to trigger the Article 50 of the EU’s Lisbon Treaty (leaving the EU) in Q1 2017. It should be noted that in contrast to September where the calendar was dominated by many Central Bank and G10 meetings, October features a much less busy calendar and as such focus will continue to be the OPEC meetings, Brexit and US Presidential elections.

Currencies: GBPUSD opened the week with a gap lower to 1.2913 from 1.2975 Friday’s close as a result of the UK’s PM Statements over the weekend. the pair, tumbled to a 7-week low ahead of this Friday’s NFP. that being said, the US non-Farm Payrolls on Friday will be the most important event of this month, as its results will set the stone for a rate hike in the US this year (or not). Other pairs have not moved significantly overnight.

Stocks: Nikkei closed at 0.9% today and other Asian shares got off to the new quarter on good start after reports Deutsche Bank was negotiating a much smaller fine with the US Department of Justice. To specify, DB, whose shares dropped to a 30-year low on Thursday, is said to be forced to pay $5.4 billion, rather than the initially stated $14 billion. On Friday, the Dow rose 0.91% while the S&P500 and Nasdaq added 0.8% respectively.

Oil and Gold: Oil rose on Friday, but ran into profit taking after enjoying its second monthly gain in September, which was assisted by OPEC’s planned cuts. BRT rose 4% while WTI oil surged 8%. Gold dropped on Friday from $1328 to $1314 as a rally in Stock markets and a stronger USD weighed on the yellow metal.

The post Bullet Report: Pound gets Pounded as Teresa May Sets BREXIT day. appeared first on Forex.Info.

Source:: Bullet Report: Pound gets Pounded as Teresa May Sets BREXIT day.