US FX Handover – 29 March 2019
March 29, 2019 3:35 PM
See a summary of the top FX themes and trends from today's US session!
- PM May’s Brexit deal was defeated for the 3rd time in Parliament. Betting markets see about a 15% chance of Brexit-with-a-deal this year, roughly a 33% chance of a no-deal Brexit, and 50% odds of the UK remaining within the European Union through the end of 2019.
- Sterling dropped to the weakest major currency after May’s Brexit deal was voted down (again). Uncertainty reigns ahead of more indicative votes on Monday.
- The loonie was today’s strongest major currency after a stronger than expected January GDP report. A nearly $1 rally in oil prices also helped support Canada’s currency.
- US Economic Adviser Kudlow said the Fed should immediately cut interest rates by 50bps and that Trump would like to see the Fed stop shrinking its balance sheet (politician wants easier monetary policy…what else is new?)
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