Asian Markets Higher on Trade Deal Hope

In morning trade Shanghai surged 1.8 percent, Hong Kong added 0.7 percent and Tokyo headed into the morning one percent higher.

Sydney, Seoul and Singapore each added 0.3 percent, while Wellington put on 0.6 percent. Taipei and Manila were also sharply higher.

On currency markets the upbeat mood helped the dollar rise against the safe-haven yen, while the pound was unable to break out of a narrow range as the Brexit saga rumbles on.

Prime Minister Theresa May is expected to try for a third time to push her EU divorce bill through parliament after MPs voted down a number of other options on how to leave.

However, OANDA senior market analyst Alfonso Esparza warned “the third time is not likely to be the charm” owing to continued opposition from key lawmakers.

“Failure for the third time could push the United Kingdom into a remain limbo, where a credible exit could not be engineered before the European parliament’s elections in which Britain would have to participate.”

Via Yahoo News

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza