The FT are reporting that Brussels have rejected Johnson’s changes to internal market bill

Rajan Dhall, MSTA FX Daily

EU rejects the UK Internal Market Bill - of course!

On Thursday Boris Johnson's Conservative government published their proposed changes to the internal market bill. The bill has received parliamentary approval (House of Commons) but is set to go to the House of Lords to see if the bill is passed into law. The bill would let the UK rewrite certain parts of the agreement between the EU and UK which has been agreed earlier. The last bill was voted on but it seems Boris Johnson wants to make changes as he stated changes to the bill were“necessary to stop foreign power from breaking up our country.”.

An official present at the meeting commented saying Brussels was clear that “the bill is unchanged and still illegal”. The official went on to reiterate the point that "everyone agrees the objections are unchanged,”

The UK are set to leave the EU with or without a deal by the end of the year and Prime Minister Johnson has stated if an agreement is not made by the middle of next month both sides might as well walk away. Next week the saga continues with the next round of talks scheduled for next week. It seems the odds of a deal still remain around 50/50 at this point but there was some softening of the tone at least with European Commission President von der Leyen stating she was “convinced” a deal is possible. Investors and traders will be watching events next week closely.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.