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FXPrimus’s Daily Market Analysis is provided by their in-house FX Market Specialist, Stavros Tousios.

UK Turmoil Following David Davis’s and Boris Johnson’s Resignations

On the data front, markets were somewhat quiet yesterday, with Euro, Dollar, Gold and Oil remaining rather unchanged.

On the contrary, Pound and Yen fell following the resignation of the UK Foreign Minister and the lack of trade war developments, respectively.

Today, investors are expected to focus on developments in the UK and May’s cabinet, while a light Economic Calendar features UK and European reports.

Today’s Important Indicators

Major Market Updates

• EUR/USD – Eurodollar hits 3-week high following array of ECB speakers, gains short-lived.
• GBP/USD – Pound posts sharp losses following Johnson’s resignation.
• USD/JPY – Dollar rises against Yen as traders focus on risky assets, lack of trade war news.
• USOIL – Oil forms somewhat bullish pattern but signs minor, eyes on API report.
• XAU/USD – Gold mixed despite early gains as safe-haven demand for Dollar softens.
• BTC/USD – Bitcoin stuck near $6500 hurdle but certainly not bearish, which is a good sign.