MARKET UPDATE 16-Jan-19

Forex market today was all about Brexit deal. It did not quite turn out the way the market expected in terms of price action.

Prime Minister Theresa May’s bill was roundly defeated by lawmakers. Investor focus has therefore been directed towards the scale of the defeat and the potential scenarios which could play out in the aftermath.

Theresa May now has to revamp her proposal by the end of March and faces a confidence vote in Parliament later tonight.

Meanwhile the yuan dipped, as the People’s Bank of China injected a record amount of funds into their banking system. The move aims to sustain liquidity in the world’s second-largest economy in an effort to support growth.

FX Rates 16.01.19

 

 

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