marctomarket.com / by Marc Chandler / June 19, 2017
The US dollar is mixed against the major currencies, and while it is firmer against the euro and yen, it is within last week’s ranges. The success of Macron’s new party in France, and the majority is secured, was well anticipated by investors and is having little effect on today’s activity in the capital markets.
The start of Brexit talks also is spurring little response in the market. Sterling is steady to a little firmer and holding below last week’s high just shy of $1.2820, though a more important barrier is seen near $1.2850, where the 20-day moving average and a retracement objective converge. Steps were taken by the government, like going forward with Queen’s Speech, even though an agreement with the DUP is not secure, and indicated a two-year parliamentary session suggest that the election has not changed the main thrust of the Brexit strategy. Talk of a more business approach flies in the face of the continued commitment to leave the single market. Meanwhile, some polls over the weekend suggest that many people’s attitude toward Brexit has changed.
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