13.03.2019: What traders opting for amid Brexit uncertainty? (USD, JPY, Nikkei, AUD, RUB)
In a widely expected move, the UK Parliament rejected a new Brexit deal with the EU for the second time. Nevertheless, traders showed a muted response to the news, awaiting more clarity on Brexit terms.
In this context, the US dollar index is still in a consolidation phase at the level next to 97.00. A correctional climb is complicated by inflation data released by the US yesterday.
In the overnight trade, Asian stocks came under pressure from persistent Brexit uncertainty and other headwinds for the global economy. Today Japan’s stock market shed over 1%. Besides, investor sentiment was dented by a report on Japan’s core machine orders which revealed sharp contraction in January.
In response to such dismal data, the dollar/yen pair got trapped in a range. The currency pair is still trading sideways from 111.20 to 111.40.
Being the barometer of the risk sentiment in the Asia-Pacific region, the AUD/USD pair is still trading higher despite weakness of the US currency. The pair lost 30 pips and settled down at 0.7050. The aussie dollar was weighed down by a consumer confidence index from Australia which slumped to the lowest mark since September 2017.
Meanwhile, the Russian ruble is still enjoying higher demand. The dollar/ruble pair remains at 65.55, the lowest level since February 26. The ruble finds support from the oil rally. Speaking about emerging market currencies, the ruble is among the five most lucrative assets.
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