Intraday Market Thoughts

May asked to Leave

by Ashraf Laidi
May 23, 2019 11:13

Testing times for the pound and PM Theresa May as the fate of her Withdrawal Agreement is overshadowed by her future as Prime Minister. It's highly probable that a fresh vote of no confidence could be allowed if May does not step down by Friday. Global indices extend their sell-off with the yen the top performer, followed by the franc. The GBP short was topped out at 1.2630.

التوازن بين الاسترليني و الداو و الذهب

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May asked to Leave - Video Arabic May 21 2019 (Chart 1)

The fact that the UK Parliament's agenda for the week of June 3rd does not contain any list the Withdrawal Agreement vote, highlights that PM future as PM will be the key issue after an expected drubbing for the Conservative Party in today's EU Elections. Markets resume their selling, with 25200 in the DOW30, and 2800 in SPX seen as crucial support levels, while 11870 for the DAX looms large.


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