Here is what you need to know on Thursday, August 29th:
-The American dollar edged higher during US trading hours as sentiment improved, with Wall Street recovering sharply. Nevertheless, the fundamental background remained worrisome.
-The Italian Five Star Movement (M5S) and the center-left Democratic Party (PD) have reached a deal for a new government, with Conte as prime minister. The shared currency was unable to gather strength from the headline and remained under selling pressure.
- Sterling collapsed after UK PM Johnson asked to prorogue parliament until October 14th, a movement meant to prevent MPs halting Brexit in the case no new deal would be reached by the end of October. the Queen officially suspended the Parliament and approved proroguing of Parliament as requested by Johnson, “no earlier than Monday 9th September and no later than Thursday 12th September 2019 to Monday 14th October 2019.” GBP/USD ended the day barely above the 1.2200 level.
-Crude oil prices surged after the EIA reported a larger-than-anticipated draw in crude oil inventories of 10.027M barrels in the week ended August 23. The commodity, however, trimmed most of its intraday gains ahead of the close.
- Cryptocurrencies crashed, with Bitcoin losing the 10,000 mark. Headlines indicating that “cyber gendarmes,” announced the disabling of a botnet force 850,000 servers strong operating mostly in Latin America.
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