EU Daily Market Wrap - 21st May 2019

EU Daily Market Wrap - 21st May 2019

Today's Highlights

  • UK PM May to offer New Brexit Plan that includes Second Referendum option

  • Trump eases Huawai restrictions

  • US Existing Home Sales tumble below expectations

Macro Review

A relatively quiet and choppy session today as the market awaits more important ahead during the week. However, after days of silence UK PM May has finally addressed the country on "New Brexit Plan" that will include a vote on whether the deal should be subject to a second referendum, which would take place before the Withdrawal agreement can be ratified. The reaction in GBP was mixed after major wires released the news retracing the whole move after PM May outlined that "Parliament will have a greater role in the new Brexit offer" hinting.

US Equities traded mostly higher after Trump opened to concessions to customer doing business with Huawai, adopting a softer tone than in previous day. Positive sentiment reverberated across global equities, with Ftse100 and Dax also supported by weakness in theri domestic currencies. Key day tomorrow for equities with the FOMC Minutes at 7 pm GMT

The FX space was volatile today amid Brexit confusion and USD dollar strength. As the morning was mainly dominated by US Dollar strength, the afternoon saw some negative ticks in the Dollar weighed by an initial pop higher after PM May comments. The rest  of the USD G10 counterparts traded mixed with EUR flat for the day. AUD and JPY closed the EU session in red amid USD strength.

Crude Oil was flat amid lack of fresh drivers settling just above the 63 level.

Gold dropped finding good support on the 1270 level.

EU Close

Hope you enjoyed the session.

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