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UK’s Supreme Court Rules against British Government

ICM Capital

On Tuesday, the Supreme Court ruled against the government with a majority and decided that the UK government must win a vote in parliament before starting the “Brexit” process. It is likely that not one of the UK MPs will vote against the British public opinion, who supported “the Brexit”.

Sterling pound settled at $1.25; however, it was negatively affected, as the court ruled that the Scottish Parliament, Welsh, and Northern Ireland assemblies did not need a say.

Technically, Cable could hold at around $1.25 in anticipation of the Governor of the Bank of England, Mark Carney’s speech as he could mention the impact of the Supreme Court’s decision on the Bank of England's policies.

Dollar cut its losses as Trump vowed to slash taxes and regulations to make the United States more attractive for businesses.

The Greenback recovered; however, the U.S. existing home sales declined more than expected last month as the supply of houses on the market dropped to the lowest level since 1999.

The U.S. dollar index, which measures the greenback vs. a basket of currencies, recovered to 100.30.

Gold declined as USD recovered slightly yesterday and as investors digested Trump's controversial statements. The yellow metal has touched its highest level in two months after U.S. President Donald Trump formally withdrew the United States from the 12-nation Trans-Pacific Partnership trade deal. Gold prices fell nearly 0.5% and settled above the psychological level of $1,208.

Also on Tuesday, Oil prices recovered slightly and settled above $53, in anticipation of the U.S. crude inventories report, which will be released today.

The most important economic events:

GBP BOE's Carney Speaks in Wiesbaden, Germany: (GMT 18:00) Medium
NZD Consumer Prices Index (YoY) (4Q): (GMT 23:45) – Important – Forecast (1.2%) – Previous (0.4%).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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Source: https://www.icmcapital.co.uk/news/company/2017-01-25/
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