EUR/USD Stabilizes Amid Calm Around Italy, Brexit, and Trade Talks.

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Some of the key points from the Attorney General’s legal advice to the Prime Minister on the Protocol on Ireland/Northern Ireland – the ‘backstop – in the Withdrawal Agreement, released this Wednesday:
– The Brexit backstop will “endure indefinitely”.
– The review mechanism does not provide a unilateral route out of the backstop.
– There is a legal risk that the UK could become stuck in “protracted and repeating rounds of negotiations”.

Oman’s oil minister Mohammed bin Hamad al-Rumhi was out with some optimistic comments in the last hour, saying that OPEC+ (allies) will reach a deal this week to cut oil output.Do not know if OPEC needs to cut more than 1 million bpd. OPEC to discuss exceptions for individual nations. Should treat Venezuela, Libya, Nigeria, Iran differently. OPEC+ will discussing production cuts only for 3-6 months.

Gold extended its steady decline through the early European trading session and eroded a major part of the previous session’s strong up-move to five-week tops.
The US Dollar built on its modest rebound and turned out to be one of the key factors prompting some fresh selling around the dollar-denominated commodity, albeit a combination of factors helped limit deeper losses.
The prevalent risk-off mood, especially after the overnight slump of over 3% in US stocks, was seen extending some support to the precious metal’s perceived safe-haven status.
Adding to this, speculations of a pause in the Fed’s rate hike cycle in 2019, reinforced by a continuous slide in the US Treasury bond yields further collaborated towards limiting any sharp slide for the non-yielding yellow metal.

 

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