EUR and GBP Subdued On EU Elections Results and Brexit Uncertainty

Google+ Pinterest LinkedIn Tumblr +

1. EUR and GBP Subdued On EU Elections Results and Brexit Uncertainty

The EUR is currently under pressure due to the volatile political landscape, while the GBP is also pressured further lowering lack of direction of what the new PM will actually do and the Brexit Party becoming an ever-louder voice which could also force new general elections to happen. The dollar traded slightly higher on Tuesday after tumbling to multi-week lows but is currently waiting for the market to kick back in after the long weekend for any directional input.*


2. Zcash Rallies +14%

Zcash rallied more than 14% on Tuesday morning despite a delisting by BitOasis to last trade at $84.26 as of 8:02 GMT. Meanwhile betting platforms such as Decibet are among the many to introduce Zcash and other cryptos. EOS/USD was also last seen trading almost 14% higher at $7.9478 while OMG/USD was last seen 6.4% higher at $2.2280. **


3. EU Markets Mixed

EU bourses started the day mixed as investors continued to digest results from the EU Parliament elections, which concluded this Sunday. Results showed pro-EU parties managed to hold onto a majority of seats, but Euroskeptic and nationalist parties also gained momentum. Meanwhile, GfK consumer confidence out of Germany came in weaker early this morning and pushed the Dax lower after an opening gap to the upside.


Elsewhere, the spat between Italy and the European Commission has resurfaced once again with the Italian government protesting Rome’s growing deficit and making demands to the EU to change the deficit rules after their strong election results. There are also reports that the EU is now considering disciplinary measures against Italy, which is adding to the disharmony within Europe ahead of new elections in Greece and Austria.***


4.Gold Prices Slip

Gold prices slipped on Tuesday, dropping for the first time in four sessions, as the dollar rebounded from multi-week lows amid simmering trade tensions between China and the U.S. Markets were mostly subdued in the previous session with the financial markets in the U.K. and the United States remained closed for holidays.**


5.Oil Recovers

Elsewhere, crude oil prices edged higher on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran’s and Venezuela’s fuel exports outweighed concerns over a global economic slowdown. U.S. West Texas Intermediate (USOIL) crude futures were at $59.03 per barrel, up 42 cents or 0.7% as of 8:05 GMT.****


You can find and trade CFDs on all of the above mentioned assets on BDSwiss Forex/CFD platforms.

*Investing May 28, 2019 2:48 AM ET
**CNBC May 28, 2019 3:53 AM ET
***FXStreet May 28, 2019 03:07 AM ET
***Bloomberg May 28, 2019 06:13 AM ET

Risk Warning: Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. General Risk Disclosure