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26 Jul 2019

UK PM Johnson to Germany's Merkel: Only way to make progress is to abolish the backstop

British Prime Minister Boris Johnson's spokesman recently summarised the PM's meeting with German Chancellor Angela Merkel that took place earlier today.

"He reiterated the message he delivered in the House of Commons yesterday: Parliament has rejected the Withdrawal Agreement three times and so the UK must fully prepare for the alternative – which is to leave without a deal on October 31," the spokesman said, per Reuters.

"He said the only solution that would allow us to make progress on a deal is to abolish the backstop. The PM and Chancellor agreed to stay in contact."

The broad USD strength and concerns over a no-deal Brexit continue to push the GBP/USD pair lower, which was last seen trading at its lowest level since March 2017 at 1.2389.

Jul 26, 2019

Oil technical analysis: WTI is under pressure at 4-day lows as bears challenge $56.00 a barrel

US 2Q GDP: Strong consumption, but weak net exports and inventories - Wells Fargo

Data released today showed the US grew at an annualized rate of 2.1% during the second quarter (real - annualized), above expectations. Analysts at We