- December 10, 2018
- Posted by: Joey Benedid
- Category: Market News
Sterling has slumped to an 18 month low after UK PM May “has reportedly aborted a vote on her Brexit deal, which was scheduled for tomorrow evening, after being warned she was on course for a devastating defeat in the House of Commons” several sources have told The Telegraph. “After an emergency conference call with cabinet ministers this morning, it has been reported that the Prime Minister will give an announcement at 3:30pm entitled “Exiting the European Union” (The Telegraph). The Dollar Index remains on the defensive after Friday’s U.S. employment data miss with that all the market commentary now on where the FED is heading in 2019 with relation to rate hikes.
Friday’s numbers for Canada were so far off the charts many likely questioned the validity of them but the CAD bears who had their way most of the week got scorched in a matter of seconds. Compounding the move was the OPEC agreement moments later which saw oil jump 2+%. With oil gains subsiding to start the week US/CAD has regained a 1.33 handle and will continue to follow general market sentiment with no Canadian-centric data due out this week.