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Currency Trading: British Pound Tumbled

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WORLD HEADLINES – The British currency tumbled and the rest of Europe’s share markets groaned on Thursday, after a long-awaited Brexit agreement was thrown into chaos as Britain’s chief negotiator for the deal quit just 12 hours after it had been unveiled.

STOCKS – The S&P 500 has fallen for a fifth straight day with financial stocks hit by fears of tighter regulations once the Democratic Party takes control of the House of Representatives.

BONDS – Treasuries remained bullish, following this week’s upside trend and nearing October’s highs.

COMMODITIES – U.S. oil futures steadied at $56.35 a barrel, after a slight bounce overnight. Brent was up 0.4 percent at $66.42.
CURRENCIES – The British currency slumped a full cent and though that made the FTSE stronger, a weaker pound makes life easier for exporters on the index. The rest of Europe sank swiftly into the red.

ECONOMIC DATA – US Core Retail Sales m/m and Philly Fed Manufacturing Index due at 8:30, FOMC Member Quarles Speaks at 10:00, Natural Gas Storage at 10:30, Crude Oil Inventories at 11:00, Fed Chair Powell Speaks at 11:30 ET.
 
 
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