British currency declined 1.5% against the dollar, as did the British stock market after the British Brexit secretary for Dominic Raab resigned, saying that he could not support the current version of Brexit of Theresa May for two reasons . According to the minister, the proposed regulatory regime for Northern Ireland is a real threat to the integrity of the UK. As a result, instead of the expected growth after reaching an agreement on Brexit, the British currency has updated two-month lows. GBP / USD fell to 1.2790 against the US dollar.
Chinese equities received a positive signal and rose on Thursday amid signs that Beijing and Washington may take further measures to de-escalate the trade dispute. For the first time since summer, Chinese officials have submitted written proposals for potential trade concessions, giving hope to investors that both parties can put an end to tensions. However, the dollar so far ignores these messages. The weakening of trade contradictions always leads to a weakening of the American currency, since recently the dollar has been the main beneficiary of the US-China trade contradictions.
The opening of the American stock exchanges occurred in different directions. Europe is trading under strong pressure.
On FOREX, the US currency continues to trade firm. The support level of 96.60 has kept the decline in the US dollar index. At the same time, it is interesting that the European currency is trying to gain a foothold in the area of 1.1300. We will see how the market will close the day.
The oil market continues to trade under pressure — the tension on the market is rising on the eve of the OPEC summit, which will be held in early December. At the upcoming meeting of oil producers, a new agreement on production reduction between the cartel members and non-member countries can be reached. On this background, we expect increased volatility in this market. However, the passage of Brent below $ 67 and consolidation may mean a change in the medium-term trend in this market.
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