UK Theresa May Resigns As Prime Minister Over Brexit Crisis

In an emotional speech outside 10 Downing Street May said she had done everything she could to convince MPs to back the withdrawal agreement she had negotiated with the European Union.But it was with deep regret that she had ultimately failed to reach a consensus among lawmakers.I will shortly leave the job that it has been the honour of my life to hold May said.British Prime Minister Theresa May unveiled a timetable for her departure as a leader on Friday morning drawing her turbulent threeyear premiership to an abrupt end.In an emotional speech outside 10 Downing Street [read more]

Gold Price Outlook

Gold prices steady this Friday after closing and opening above $1280 US weak data pushed back the dollar and reignited hopes of a rate cut by the Federal Reserve this year.The U.S. dollar retreated after hitting its highest level in two years as weaker domestic data and the potential economic fallout from the trade war with China increased expectations for an interestrate cut this year.Bullion is often seen as a safehaven investment in times of political or economic uncertainty.TechnicalPrice to watch is the 20EMA line of $1283.07 [read more]

AT & T Now Accept Payment In Cryptocurrencies

United States telecom and media giant AT&T now accepting cryptocurrency for paying phone bills online according to an official press release on May 23. AT&T will process bills paid in cryptocurrency using crypto payments platform BitPay.BitPay is a platform that converts cryptocurrencies to fiat and is used by over 20000 businesses. AT&T is reportedly the first United Statesbased business in the wireless network industry to offer bill payments with BitPay.Kevin McDorman vice president of AT&T Communications Finance Business Operations said We have customers who use cryptocurrency and we are happy we can offer [read more]

Oil's Price Pulled Back Below $60.00

Oil markets stabilized on Friday amid OPEC supply cuts and tensions in the Middle East after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories.Brent crude futures the international benchmark for oil prices were at $68.05 per barrel up 29 cents or 0.4 percent from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 36 cents or 0.6 percent at $58.51 per barrel.Multiple supply risks [read more]

US May Impose Duties On Countries That Devalue Their Currencies

The U.S. Commerce Department said on Thursday it was proposing a new rule to impose antisubsidy duties on products from countries that undervalue their currencies against the dollar.The proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation the department said.Trump administration officials have long viewed Chinas yuan as undervalued against the dollar.The U.S. Commerce Department said on Thursday it was proposing a new rule to impose antisubsidy duties on products from countries that undervalue their currencies against the dollar another [read more]

UK PM Under Pressure To Step Down And It Could Happen Within Hours

LONDON May 23 (Reuters) Sterling plunged again in early London trading on Thursday as pressure mounted on Prime Minister Theresa May to name a date for her departure.The British currency has been falling heavily in the past few days. Mays lastditch attempt to get backing for a Brexit deal triggered a revolt on Wednesday by some of her Brexitsupporting ministers deepening the political uncertainty in Britain.What comes next is wholly uncertain but most likely market pricing of a No Deal Brexit will increase this [read more]

EUR/GBP Continue It 14th Consecutive Rise Into Over-brought Region

The British Pounds relentless selloff against the Euro extends into its 14th consecutive day on Thursday May 23 with political intrigue likely to calm down as voters across Europe head to the polls.Media are typically restricted in their political coverage on voting days and because the Pound is now a headline driven currency we are unlikely to see Wednesdays frenzied speculation on Prime Minister Theresa Mays future repeated.For Sterling the focus is now on when the Prime Minister stands down and who the successor will be.Should Prime [read more]

10th Days In The Red, Will GBP Slide More?

Sterling was the main mover sliding to a fourmonth low at $1.26265 before steadying at $1.26492 in Asia. British Prime Minister Theresa May came under intense pressure after her latest Brexit gamble backfired and fueled calls for her to quit.Prominent Brexit supporter Andrea Leadsom resigned from the government on Wednesday and British media reported May could announce her departure date as early as Friday.Uncertainty in the near term the risk of a hardBrexit replacement for May has increased the risks of a hard Brexit result or even a forced nodeal exit. Such [read more]

FOMC Minutes, Here's What You Need To Know

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New Reality In Oil Trading: Why Oil Price Did Not React Like Before On US-Iran Tension

When Gary Ross one of the biggest names in energy trading saw that oil tankers had been attacked off the UAE citystate of Fujairah earlier this month he knew crude prices just had to rise.He quickly established some of the vessels were linked to Saudi Arabia the worlds biggest oil exporter and realised that however murky the incident fingers would point at Iran. With the US already tightening sanctions on Tehrans oil exports and with bellicose rhetoric escalating the incident presented the latest risk to crude flows from the heart of [read more]