Update: Brexit, Italian Budget and S&P
The Brexit agreement approved by the EU was due for a vote on Dec 11. We don’t have to wait that long to know there is no agreement – if the TV reports are accurate.
The ABC reports that May will allow amendments to the EU agreement and even entertain a second Brexit vote. If the House of Commons amends the EU provisions, it’s as good as not passing them. The EU made it clear it had set the terms in stone.
But, I do have reservations about the report:
- I was unable to find confirmation on the net.
- The GBPUSD failed to mirror the news.
You can see from the chart above there has been barely a blip in the Cable.
The Italian situation shows how important it is to look for confirmation.
In the early (AEST) hours of yesterday, a report came out that said the Italian Government has backed down – see “Shares rally as Italy edges away from Brussels budget clash“. But, when I looked for confirmation, I saw little in the statement that supported the headlines. Later in the day, another headline appeared:
Italian budget: Senate finance committee to stick to high-spending budget plans
The comments by the principal Italian politician make it clear there had been no back down. The EURUSD is still showing signs for further weakness.
Last night, the S&P last night again moved up but again volume and range was less than normal. In other words, the Indices are moving up in the face of a lack of selling. The question is how will they react once the sellers come in. That move will provide a clue to the near-term direction.
Source: http://www.tradingsuccess.com/blog/update-brexit-italian-budget-and-sp-6431.html
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