Gold Falls 0.25% After Johnson Says Brexit Agreed; Markets Remains Skeptical of the ‘Deal’


◆ Gold has fallen in pounds, euros and dollars after breaking news suggesting a Brexit deal has been reached

◆ The pound and the euro rose with the pound gaining 0.52% against the dollar

◆ The Australian and New Zealand dollar saw larger gains of 1% and 0.7% respectively which suggests foreign exchange markets remain skeptical of the deal

◆ Relief and hope of an actual deal saw the pound rise to stand above $1.29 for the first time since May on the reports

◆ European and UK stocks have seen a slight bounce in a relief rally, the FTSE gained 0.65%, the EuroStoxx 50 was up 0.6% and the DAX rose 0.7%

◆ The UK and EU negotiators have been working on the legal text of a deal and appear to have reached agreement, but it will still need the approval of both the UK and European parliaments and the DUP are saying they will not support it


NEWS and COMMENTARY

New Brexit deal agreed, says Boris Johnson

Gold steady ahead of Brexit talks; weak U.S. data lends support

IMF fears the world’s financial system is even more destructive than in 2008

Turkish president Erdogan ‘threw Trump’s Syria letter in bin’

‘Addiction’ to cheap money will do ‘tremendous damage’ to the global economy

Dollar pinned near one-month lows on weak data; pound volatile


Germany will make ties with China a priority during EU presidency: Merkel

Sterling sees wild swings as Brexit talks enter final hours

Fed’s Evans says may struggle with reserves “longer than we would like”

Yes, Fed is doing QE again, only bigger – Cashin

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Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

16-Oct-19 1482.55 1485.10, 1166.32 1155.85 & 1344.52 1343.27
15-Oct-19 1494.75 1487.80, 1183.69 1178.34 & 1357.08 1353.30
14-Oct-19 1494.20 1490.60, 1188.79 1182.94 & 1354.04 1352.12
11-Oct-19 1498.35 1479.15, 1197.93 1166.01 & 1359.90 1338.33
10-Oct-19 1508.20 1494.80, 1232.35 1222.75 & 1368.69 1356.38
09-Oct-19 1503.40 1507.25, 1228.43 1232.93 & 1369.00 1372.65
08-Oct-19 1500.00 1505.85, 1225.50 1233.14 & 1365.30 1372.28
07-Oct-19 1502.15 1501.25, 1221.40 1218.11 & 1369.36 1365.54
04-Oct-19 1509.50 1499.15, 1223.75 1220.01 & 1374.70 1366.78


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Mark O'Byrne

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