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jedi-anakin · 4 years

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2020 – what happened so far

(it’s impossible to include all, but I try my best)

January

January 1 – Palau became the first country to ban sun creams containing ingredients that are harmful to coral and marine life.

January 2 – The government of New South Wales, Australia, declares a state of emergency whilst the government of Victoria, Australia declares a state of disaster amid large bushfires that have killed as many as 500 million animals.

January 3 – A US drone strike at Baghdad International Airport kills Iranian general Qasem Soleimani and Iraqi paramilitary leader Abu Mahdi al-Muhandis.

January 5 – Iran pulls out of the 2015 nuclear deal, will not limit its uranium enrichment.

January 7 – 56 people are reported killed and over 200 injured in a crush at the funeral of general Qasem Soleimani in the city of Kerman, Iran.

January 7 – A 6.4 magnitude earthquake in Puerto Rico, island's largest in a century, kill 1 person and destroy 800 homes.

January 8 – Ukraine International Airlines Flight 752 is shot down by Iran's armed forces shortly after takeoff from Tehran Imam Khomeini Airport, killing all 176 people on board.

January 8 – Duke and Duchess of Sussex announce they are stepping back as "senior" royals, will work towards becoming financially independent.

January 16 – The impeachment trial of the President of the United States, Donald Trump, begins in the US Senate.

January 26 – Kobe Bryant and his 13-year-old daughter Gianna Bryant dies in a helicopter crash.

January 30 – The World Health Organization (WHO) declares the outbreak of the disease as a Public Health Emergency of International Concern.

January 31 – The United Kingdom and Gibraltar formally withdraw from the European Union at 11PM (GMT), beginning an 11-month transition period.

January 2020 was the hottest January in recorded history according to National Oceanic and Atmospheric Administration

February

February 3 – Cruise ship Diamond Princess with 3711 passengers quarantined in Yokohama port, Japan after cases of coronavirus found on board.

February 5 – The US Senate acquits US president Donald Trump on articles of impeachment.

February 8 – 20 people dies in a mall shooting in Thailand.

February 9 – Deaths from the Coronavirus overtake those of Sars (2003) with 813 deaths worldwide.

February 10 – More than 30 bushfires put out by heaviest rainfall for 30 years in New South Wales, Australia, helping end one of the worst bushfire seasons ever, 46 million acres burnt, over 1 billion animals killed, 34 people dead.

February 11 – Snow falls in Baghdad, Iraq, for only the second time in a century.

February 23 – First major coronavirus outbreak in Europe in Italy with 152 cases and three deaths, prompting emergency measures, locking down 10 towns in Lombardy.

February 23 – China's Supreme Leader Xi Jinping describes the country's coronavirus outbreak as the China's largest health emergency since 1949.

February 24 – Former Hollywood producer Harvey Weinstein found guilty of rape and a criminal sexual act.

February 29 – Luxembourg becomes the first country in the world to make all public transport in the country (buses, trams, and trains) free to use.

February 29 – A conditional peace agreement is signed between the United States and the Taliban in Doha, Qatar. The U.S. begins gradually withdrawing troops from Afghanistan.

March

March 8 – Italy places 16 million people in quarantine, more than a quarter of its population, in a bid to stop the spread of COVID-19. A day later, the quarantine is expanded to cover the entire country, becoming the first country to apply this measure nationwide.

March 9 – International share prices fall sharply in response to a Russo-Saudi oil price war and the impact of COVID-19. The Dow Jones Industrial Average (DJIA) plunges more than 2,000 points, the largest fall in its history up to that point. Oil prices also plunge by as much as 30% in early trading, the biggest fall since 1991.

March 11 – The World Health Organization declares the COVID-19 outbreak a pandemic with 121,564 cases worldwide and 4,373 deaths.

March 11 – Harvey Weinstein is sentenced to 23 years in prison for a criminal sex act and rape in New York.

March 12 – Global stock markets crash. The Dow Jones Industrial Average goes into free fall, closing at over −2,300 points, the worst losses for the index since 1987.

March 13 – The government of Nepal announces that Mount Everest will be closed to climbers and the public for the rest of the season due to concerns from the COVID-19 pandemic in Asia.

March 14 – Spain goes into lockdown after COVID-19 cases in the country surge.

March 16 – The Dow Jones Industrial Average falls by 2,997, the single largest point drop in history and the second-largest percentage drop ever at 12.93 percent, an even greater crash than Black Monday (1929).

March 17 – European leaders close the EU's external and Schengen borders for at least 30 days in an effort to curb the COVID-19 pandemic.

March 17 – The island of Luzon, the largest island of the Philippines, is placed under the enhanced community quarantine due to the coronavirus pandemic in the country.

March 18 – The European Broadcasting Union announces that the Eurovision Song Contest 2020 will be cancelled due to COVID-19 in Europe, the first cancellation in the contest's 64-year history.

March 20 – The worldwide death toll from COVID-19 surpasses 10,000 as the total number of cases reaches a quarter of a million.

March 20 – Smoke from Australian bushfires killed more people than the fires - 417 vs 33 according to new study published in "Medical Journal of Australia."

March 22 – A prison riot in Colombia, which was sparked by coronavirus fears, left 23 inmates dead and another 83 injured.

March 24 – Indian PM Narendra Modi orders a 21 day lockdown for world's second most populous country of 1.3 billion people.

March 26 – Global COVID-19 cases reach 500,000, with nearly 23,000 deaths confirmed. American cases exceed all other countries, with 81,578 cases and 1,180 deaths.

March 28 – North Korea launched an unidentified projectile off the coast of Japan. This is the sixth launch in the last month.

March 30 – The price of Brent Crude Oil falls 9% to $23 per barrel, the lowest level since November 2002.

March 30 – The International Olympic Committee and Japan suspend the 2020 Summer Olympics and are rescheduled for July 23 to August 8, 2021.

April

April 2 – The number of confirmed cases of COVID-19 passes 1 million worldwide.

April 5 – British Prime Minister Boris Johnson admitted to hospital suffering from coronavirus COVID-19.

April 7 – Japan declares a state of emergency in response to COVID-19, and finalises a stimulus package worth 108 trillion yen (US$990 billion), equal to 20% of the country's GDP.

April 10 – The death toll from COVID-19 exceeds 100,000 globally.

April 14 – The International Monetary Fund (IMF) says it expects the world economy to shrink 3%, the worst contraction since the Great Depression of the 1930s.

April 14 – US President Donald Trump freezes funding for the World Health Organization pending a review, for mistakes in handling the coronavirus COVID-19 pandemic and for being "China-centric", prompting international criticism.

April 15 – The number of confirmed cases of COVID-19 passes 2 million worldwide.

April 16 – 22 million Americans have filed for unemployment in 4 weeks (5.2 million in the last week), wiping out 9 1/2 years of job gains.

April 20 – Oil prices reach a record low.

April 25 – The global death toll from COVID-19 exceeds 200,000.

April 27 – The number of confirmed cases of COVID-19 passes 3 million worldwide.

April 28 – US Department of Defense releases three declassified videos of possible UFOs from 2004 and 2015.

April 30 – British Captain Tom Moore, who raised more £30 million for the National Health Service walking in his garden, turns 100 and made an honorary colonel by the Queen.

May

May 5 – The UK death toll from COVID-19 becomes the highest in Europe.

May 6 – Irish organisation repays a 170 year old favor, raising over $2 million (to date) for US Navajo Nation and Hopi Reservation badly affected by coronavirus. In 1840s Choctaw Nation sent $170 to aid Irish potato famine.

May 6 – Hungary has become the first EU member state to lose their democractic status according to the NGO Freedom House.

May 10 – The number of confirmed cases of COVID-19 passes 4 million worldwide.

May 12 – Gunmen storm a maternity hospital and kill 24 people, including two newborn babies, in Dashte Barchi, a majority-Shia neighborhood of Kabul, Afghanistan.

May 13 – Every African country now has cases of coronavirus COVID-19.

May 14 – The UN warns of a global mental health crisis caused by isolation, fear, uncertainty and economic turmoil.

May 16 – 118-year old American department store JC Penney files for bankruptcy.

May 19 – Greenhouse gas emissions dropped 17% worldwide in April 2020 when world was in lockdown, in study published in "Nature Climate Change."

May 19 – Two dams on Tittabawassee River in central Michigan breached by floodwaters, forcing evacuation of thousands of residents.

May 21 – Cyclone Amphan makes landfall in eastern India and Bangladesh, killing over 100 people and forcing the evacuation of more than 4 million others. It causes over US$13 billion in damage, making it the costliest cyclone ever recorded in the North Indian Ocean.

May 26 – George Floyd, an African-American man dies after he was handcuffed and lying face down on a city street during an arrest, Derek Chauvin, a white Minneapolis police officer kept his knee on Floyd's neck for 8 minutes and 46 seconds despite he was pleading for breath.

May 26 – Costa Rica becomes the first Central American country to legalise same-sex marriage.

May 26 – Twitter adds warning labels to warn about inaccuracies in US President Donald Trump's tweets for the first time.

May 26 – After a recording by a bystander about the arrest of George Floyd went viral the four officers who were present were fired. The same day a demonstrations and protests took place in the Minneapolis–Saint Paul area.

May 27 – The Chinese National People's Congress votes in favour of national security legislation that prevents subversion, terrorism, separatism and foreign interference in Hong Kong.

May 27 – Spain begins 10 days of mourning for victims of COVID-19.

May 28 – The United States Department of Justice released a joint statement with the FBI, saying they had made the investigation into George Floyd's death "a top priority".

May 29 – Derek Chauvin was arrested and charged him with third-degree murder and second-degree manslaughter, becoming the first white officer in Minnesota to be charged for the death of a black civilian.

May 30 – The first crewed flight of the Dragon 2 is launched from Cape Canaveral, Florida, the first manned spacecraft to take off from U.S. soil since 2011. The next day the spacecraft successfully reached the International Space Station (ISS).

May 31 – Since May 26 over a 100 city in all 50 states in the US was held supporting those seeking justice for George Floyd and the Black Lives Matter movement, and speaking out against police brutality.

May 31 – The hacktivist group Anonymous released a video after remaining silent for 3 years demanding justice for George Floyd.

May 31 – The number of confirmed cases of COVID-19 passes 6 million worldwide.

#2020 #covid19 #coronavirus #black lives matter #politics #history #protest #economy #justice #environment #long post #very long post #text post #I hope some of yall will find something you didn't know of #(I did)#also stay safe and healty!

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litheammunition · 5 years

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Brexit: An Unwinnable War

How do you stage a coup? You start a war. You fan its flames, until it grows out of control. You make it so that it’s impossible for the moderates to win, showing them as out of their depth, needing a stronger, unconventional hand to sort the mess out. Then you step in, and find that you can get away with breaking all the rules...

Act 1 - Project Fear

The spark was the slow part. There had always been rumblings of discontent around the UK’s place in Europe, dating right back to our accession to the European Community in 1972, and intensifying since the project formally became a political European Union in 1993.

There had been a referendum in 1975, won by a 67.2% vote to remain, but the question was raised again after the 1993 Maastricht Treaty. No referendum was needed for the government to sign up, but neighbours Ireland and France held one to confirm the decision, and many in the UK thought they deserved the same. That year saw the birth of a number of protest parties, the most successful of which, UKIP, continues to pressure for ‘Brexit’ today.

After years of pressure from UKIP and the sizable Eurosceptic wing of his own Conservative party, Prime Minister David Cameron finally gave into their demands. In 2016, a referendum was held, with one simple question: Should the United Kingdom remain a member of the European Union or leave the European Union? No details were provided as to what the latter option would look like. That was down to the campaigns to provide.

It turned out that it was actually many options hidden within one. Every leaver had their own idea of what shape Brexit would come in. Many talked about the Norway model, a country with full access to single market, but which is obliged to make a financial contribution, accept most EU laws, and which has free movement with the rest of the EU. Others suggested a Swiss model, part of the EFTA but not the EEA, making a smaller financial contribution to access specific areas of trade, and again with free movement.

Still others spoke about Turkey, with no membership of the EEA/EFTA but its own customs union with the EU, to avoid the need to impose tariffs on exports. They were a dozen combinations available. What was certain was that there would be some sort of deal, and it would be quick and painless to negotiate. What was clear was that “absolutely nobody is talking about threatening our place in the Single Market” as Daniel Hannan, known as the Godfather of Brexit and a major push behind it, had said the year before. I have saved a full raft of quotes from other Leave leaders for Act 2, below.

On 26 June, senior Leave campaigner and PM hopeful Boris Johnson wrote an article confirming that the UK would remain part of the single market. In government and parliament, discussing how to implement Brexit, the main debate was between full access to the single market or only a customs union. There was no mention of crashing out with no deal. There was certaintly no mention that, in August 2019, over three years after the debate, we would be no closer to a resolution.

The Leave campaign seemed happier telling voters what the former option on the ballot would look like. The electorate might have thought they already knew what staying in the EU would look like, seeing as it was just the continuation of a fairly agreeable status quo, but they were corrected with a spate of glossy leaflets from the multiple Leave campaigns, and the same talking points brought up in every interview.

One colourful infographic, common across the material, tried to spread fear that the entirety of Turkey’s 76 million population was about to move in next door. The truth is that Turkey is nowhere near joining the EU, and that the UK has a veto (i.e. even if they tried to join, we alone could stop them). Turkey cannot join the EU unless the UK wants it to. But if you say “Turkey is joining the EU”, or treat it as a done deal, and slap FACT on it, people will get shocked. If you highlight it in orange and red with a big red arrow of Turkish people swarming into the UK, people will be worried. That’s what you want. It doesn’t matter if it’s true.

I use the term ‘swarming’ advisably, because although it’s a despicable way to describe to human beings, dehumanising them to insects, vermin, it’s the term that David Cameron used in July 2015, shortly after plans for the referendum were confirmed. As shown in other Leave material, such as the UKIP poster above that has been frequently compared to the Nazi propaganda below it, this debate was consistently coded with xenophobia and racism, an attempt to win by appealing to voter’s fears of mass immigration, the need to secure our borders, even though this was a picture of refugees moving approximately one thousand miles away and several countries away from the UK.

If there was any doubt over the racial intention, the original photograph for this poster is below. It has a prominent white face at the front. Now note the way the original has been cropped and where the single opaque box of text has been placed, with everything else transparent. Note which one individual has been covered up, with all of the others put on show.

Even if they weren’t abhorrent, the claims around immigration are also not true. The UK already has control of its own borders. Whilst some other EU countries like France and Germany have chosen (of their own will), to have open borders with each other, in a region called the Schengen Area, the UK had the free choice not to be a part of this. This means that the UK has full border checks on every individual entering the country. The UK’s agreement with the other EU countries is that nationals of those countries (not refugees from the Middle East passing through) can stay here on a three month visa, but after that it’s our choice.

In addition, that agreement has always been subject to ‘grounds of public policy, public security or public health’, which effectively means that the UK can choose not to let in any individual they don’t want to. The UK has specific power to expel any EU citizen who they believe poses ‘a genuine, present and sufficiently serious threat affecting one of the fundamental interests of society’, and the country they came from has to accept them back.

In short, the UK only needs to accept productive members of society. Indeed, all research (including by the government’s own Office of Budget Responsibility) has shown that immigrants make a net contribution to the country’s economy, and many industries are dependent on migrant workers. The campaign to ‘end uncontrolled immigration from the EU’ or ‘protect our security - open borders gives criminals and terrorists an easy route into the UK’ is therefore another straight-up lie designed to leverage people’s base xenophobic fears.

The frequently repeated idea that the NHS and UK benefits system are being exploited by migrants is also fake. Not only do migrants pay £78,000 more into the UK government over their lifetime than they take out over their lifetimes, but the NHS specifically depends on immigration: 37% of doctors qualified overseas. The problem with long NHS waiting times is not because the system is overcrowded, but because it is understaffed, and immigrants are the solution rather than the problem. But this is a government policy problem, and for too long they have found it easier to blame the people coming here to help.

Before the referendum, David Cameron had also secured the UK further powers in restricting benefits paid to migrants, a massive compromise from EU principles of fairness which would have given the UK privileged status amongst member states. There would be a 4 year break before benefits had to be paid to EU citizens working in the UK, with tax credits phased in over the same period. EU migrants without a job would be restricted to claiming jobseeker’s allowance for 3 months, and then deported after 6 in they were still unemployed. Benefit payments would be fixed to the amounts available in their home countries, removing any incentive to come to the UK to claim them.

This is all without even considering a fourth angle, that the freedom works both ways. Hundreds of thousands of British citizens exercise their right to visit and live in and work in the EU, just as happens the other way around. Finally, it’s worth noting that immigration from the EU makes up a minority of total migration to the UK, even with these supposed ‘open borders’, and specifically when net migration is considered. Most of the people coming for the long term do so from elsewhere in the world, where we have never had ‘open borders’ but still freely choose to let them in, suggesting that immigration numbers have always been up to the UK government and migration from EU countries will similarly continue at a similar rate no matter what the border situation is.

There were many other obvious lies at the time, such as the suggestion that the EU were in the process of building an army, a completely transparent attempt to spark fear, but they were told so often that they started to be believed. On the other side, all concerns about the risks of leaving were dismissed as Project Fear, a classic example of projecting: as the Leave campaign were in the business of fearmongering, it helped distract from that by accusing their opponents of the same at every opportunity.

Project Fear became a term used to silence all dissent as part of some elitist conspiracy. Some experts said that Brexit will cost the economy? Project Fear. Since the referendum the value of the pound has dropped off the charts, the UK has experienced negative growth at a time of economic success for its neighbours, and Sony, Dyson, Flybmi, Nissan, Honda, Ford, Moneygram, Philips, P&O, Airbus, Barclays, Hitachi, JPMorgan, Citibank and other firms have announced they are closing their UK operations and moving to Ireland or the Netherlands or other countries who still have trade links with the EU. Brexit hasn’t even hit its hardest yet, and it had already cost the economy £66 billion by April this year, about £1,000 per person. It turns out that the experts were exactly right.

Project Fear said that leaving threatened a break up of the UK. “If we vote to leave then I think the union will be stronger”, Michael Gove countered in May 2016, but the referendum vote has predictably intensified movements for Scottish (and Northern Irish) independence, as well as creating an endless dispute over the Irish-UK border, reopening scars that were just started to heal. Again, it seems that the people who knew what they were talking about... actually knew what they were talking about. The Leave campaign told people to ignore these false warnings as part of elite conspiracy, writing off the expertise of academics and industry leaders as ‘this country has had enough of experts’, an unexcusable anti-intellectualism that excused all lies and criticised anyone who dared to point out the truth.

They still put their fingers in their ears now, when reminded that those warnings have virtually all come true. This weak, the government’s reports on Operation Yellowhammer were leaked, their own forecasts suggesting a massive negative hit from leaving without a deal. When Kwasi Kwarteng, Minister of State for Business and Energy, was asked about them on TV, he described his government’s own projections as scaremongering and Project Fear, confused as to which lie he was supposed to be telling. Lead Brexiteer Michael Gove came out to dismiss them as the ‘worst case scenario’, even as a Whitehall source clarified ‘this is the most realistic assessment of what the public face with no deal. These are likely, basic, reasonable scenarios – not the worst case’.

It isn’t the first time. Theresa May withheld projections and legal advice from voters and MPs, and her government was the first ever to be held in contempt of parliament for deliberately hiding the facts to push through her votes: in contempt of democracy, in contempt of the truth, adding constitutional offences to the free-flowing lies that have been a feature throughout. Amongst all of them, perhaps the biggest lie was that Brexit was about the sovereignty of the UK parliament, taking back control from the undemocratic elites: from Theresa May and Boris Johnson we have seen two unelected Prime Ministers who have tried everything they can to circumvent British democracy, as detailed below.

#Brexit #UK #politics #Boris Johnson #EU

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newstfionline · 5 years

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Headlines

Financial pain deepens as nearly 60 countries report virus (AP) A deepening health crisis became an economic one too Friday, with the virus outbreak sapping financial markets, emptying shops and businesses, and putting major sites and events off limits. As the list of countries hit by the illness edged toward 60 with Mexico, Belarus, Lithuania, New Zealand, Nigeria, Azerbaijan and the Netherlands reporting their first cases, the threats to livelihoods were increasingly eyed as warily as the threats to lives. “It’s not cholera or the black plague,” said Simone Venturini, the city councilor for economic development in Venice, Italy, where tourism already hurt by historic flooding last year has sunk with news of virus cases. “The damage that worries us even more is the damage to the economy.”

British-EU trade talks to begin (NYT) Just days before formal trade negotiations are to begin, Prime Minister Boris Johnson on Thursday threatened that Britain would walk away from talks with the European Union in June if its demands for full control over its own rules and laws are not met. Trade talks between two of the world’s top economies are set to start Monday in Brussels, with 10 teams and 200 negotiators huddling in conference rooms, trying to ink a deal on a vast range of topics, from the trade of goods and services to environmental protections, security, intellectual property, fisheries, workers’ rights and aviation safety.

He’s real (Foreign Policy) Russian President Vladimir Putin has denied a long-running conspiracy theory: that he uses a body double for security purposes. The question was raised by a journalist with a Russian news agency--”Are you real?” he asked. Putin said the idea had been proposed in the early 2000s, during Russia’s conflict with separatists in Chechnya, but he rejected it.

Delhi police criticized (Reuters) As India’s capital reels from an outbreak of communal violence that has left nearly 40 people dead and 200 injured, criticism of the response by law enforcement authorities is growing. Witnesses say police were unwilling or unable to control the mobs and, in some instances, may have participated in the worst riots in New Delhi in decades. At least one police officer is among those killed in the violence. The Delhi Police rejected accusations that its response was slow or inadequate and denied allegations that officers encouraged rioters and beat residents. Others accused the police of shooting indiscriminately.

U.S. Hails ‘Monumental Day for Afghanistan’ Ahead of Taliban Pact (Reuters) Saturday is a “monumental day for Afghanistan”, the United States embassy in Kabul said on Twitter, just hours before the signing of a pact with Taliban Islamist militants that could bring an end to an 18-year war in the South Asian nation.

Thailand’s student protests (Foreign Policy) Students in Thailand are protesting against Prime Minister Payuth Chan-ocha after the country’s Constitutional Court disbanded a pro-democracy party last week. Chan-ocha took over by military coup in 2014 and became an elected leader in a disputed vote last year.

Japan PM triggers uproar with call to close all schools as Hokkaido declares coronavirus emergency (Reuters) Angry Japanese parents joined bewildered teachers and businesses on Friday in a rush to find new ways to live and work for a month after Prime Minister Shinzo Abe’s shock call for all schools to close in a bid to stop coronavirus spreading. In another drastic move, the northern island of Hokkaido, which has seen the largest number of cases in Japan, late on Friday declared a state of emergency, telling its population of about 5 million people, including residents of Sapporo city, to refrain from venturing outside their homes over the weekend.

Syrian Airstrike Marks a Major Escalation (Foreign Policy) At least 33 Turkish soldiers were killed in an airstrike on Thursday in Syria’s Idlib province. Turkey responded by killing 16 Syrian soldiers on the battlefield in Idlib on Friday while Turkish drone and artillery strikes hit Syrian army positions throughout Idlib province. The escalation could dramatically alter the Syrian conflict, which in its final stages has turned into a confrontation between Ankara, Damascus, and Moscow. Turkish President Recep Tayyip Erdogan has called for an end to the Syrian government offensive. He held an emergency meeting with top military and intelligence officials late on Thursday, and Turkey repeated its demands for support from its NATO allies. After the attack, a Turkish official announced that Turkey would no longer prevent migrants from reaching Europe--part of a deal agreed in 2016 in exchange for financial support. The move is expected to put pressure on European leaders and NATO allies to aid Ankara.

Migrants head west after Turkey opens border (Reuters) Hundreds of migrants in Turkey started arriving on the borders with Greece and Bulgaria on Friday after a senior Turkish official said Ankara would no longer abide by a 2016 EU deal and stop refugees from reaching Europe. Greece and Bulgaria, both European Union member states, said they were beefing up frontier controls to prevent the migrants crossing illegally. Bulgaria said it was sending 1,000 extra troops to its border with Turkey. Turkey already hosts some 3.7 million Syrian refugees and says it cannot handle any more.

#headlines #news

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its-veso · 5 years

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Forex Weekly Outlook September 2-6 – Escalating trade wars, Brexit battle, NFP, and more

Some calm on the trade front has helped the US dollar against major currencies while UK PM Johnson’s prorogation decision has weighed heavily on the pound. New US tariffs on China, Brexit deliberations, and a buildup to the Non-Farm Payrolls stand out Here the highlights for the next week.

After trade wars intensified, President Donald Trump and Chinese officials called for calm – and convinced markets. This helped the greenback strengthen against major currencies. Nevertheless, the yield curve inversion serves as an ominous sign of an upcoming recession. The Brexit drama reached new highs after prime minister Boris Johnson announced a five-week suspension of parliament – which would limit the opposition’s chances of blocking a no-deal Brexit. Sluggish euro-zone figures weighed on the euro and eventually pushed EUR/USD below 1.10. Are more falls coming?

New tariffs: Sunday, with responses during the week. The US is set to impose new tariffs on Sunday. While the duties were limited to a smaller scale after the initial announcement, they still serve as an escalation in the trade war and China has vowed to retaliate. Beijing has hinted it will not immediately respond, but the package of countermeasures is ready to be deployed. Markets will likely react to the Chinese announcement more than to the US one which is already priced in.

Chinese Caixin Manufacturing PMI: Monday, 1:45. The independent gauge of manufacturing in the world’s second-largest economy has been showing minor contraction in recent months – struggling to hold onto the 50 level that separates expansion from contraction. A small drop from 49.9 to 49.8 points is on the cards for August. The trade war with the US has hit the Chinese economy.

UK parliament battles Brexit: From Tuesday. The House of Commons returns after the summer break to a shortened session after Johnson’s dramatic announcement of its suspension – or “prorogation” – from the second week of September until October 14. The opposition parties will try to bring forward legislation to block leaving the EU without a deal – and the government will fight back. Another option is to bring the government down via a vote of no confidence (VONC) – but the fractured opposition has yet to agree on who will lead a caretaker government. The battle will also rage outside parliament. Two UK courts will hear urgent appeals that will try to undo the suspension of parliament. Negotiations continue between EU and UK officials, with special British enjoy David Frost scheduled for more meetings. Brussels wants to hear fresh proposals from the UK about the controversial Irish backstop.

Australian rate decision: Tuesday, 4:30. The Reserve Bank of Australia has cut interest rates twice in recent months – after standing pat for over two years. The RBA is expected to leave the Cash Rate unchanged at 1% this time, keeping its powder dry as the domestic labor market is still doing well.

US ISM Manufacturing PMI: Tuesday, 14:00. This forward-looking survey of the US manufacturing sector has been showing signs of a slowdown – with a score of 51.2 points in July. The same score is expected now. The indicator also serves as a hint toward the all-important jobs report later in the week.

Australian GDP: Wednesday, 1:30. The land down under enjoyed satisfactory growth in the first quarter – 0.4%. A faster expansion is on the cards now – 0.5% – defying the global slowdown. A disappointment cannot be ruled out.

Canadian rate decision: Wednesday, 14:00. The Bank of Canada stood out early in the year by holding up its hawkish bias but has recently dropped its intentions to raise interest rates. Nevertheless, recent growth figures – at 3.7% annualized in the second quarter – give no reason for the BOC to join its peers by signaling rate cuts or any other type of stimulus. Governor Stephen Poloz and his colleagues are set to leave rates unchanged at 1.75% and may express concern about the global economy – yet without hurrying to any action.

US ADP Non-Farm Payrolls: Thursday, 13:15. America’s largest provider of payrolls software publishes its employment report for the private sector – a significant hint toward the official NFP. After an increase of 156K jobs in July – a return to normal growth – a similar level of 150K is on the cards. While ADP’s figures sometimes fail to correlate with the official data, the publication is a significant market mover.

US ISM Non-Manufacturing PMI: Thursday, 14: 00. The services sector outweighs the manufacturing sector and its perceived health – via this survey – has an impact on markets. After scoring 53.7 points in July – above the 50-point threshold that separates expansion from contraction – a similar score of 54 points projected for August. This is the last hint before Friday’s labor market report.

US Non-Farm Payrolls: Friday, 12:30. The all-important jobs report is the last one before the critical Fed decision later this month. After a few unstable months, the world’s largest economy gained 164K in July – bang on expectations. A similar increase of 168K is forecast for August while wages – which are no less important – are set to rise by 0.3% MoM once again. The unemployment rate carries expectations of remaining unchanged at 3.7%. Any significant deviation may move the Fed – not in its probable rate cut – but in future projections.

Fed Chair Jerome Powell talks Friday, 16:30. Just before the central bank enters its “quiet period” ahead of the September 18 decision, its boss will have the chance to shape expectations. Powell speaks in Zurich just four hours after the NFP and may provide more clarity after the balanced speech at Jackson Hole. The address is titled “Economic Outlook and Monetary Policy” – leaving o doubt about the importance of the event.

*All times are GMT

Further reading:

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References

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#Forex News #Forex Crunch

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dipulb3 · 4 years

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Analysis: Rotting fish, lost business and piles of red tape. The reality of Brexit hits Britain

New Post has been published on https://appradab.com/analysis-rotting-fish-lost-business-and-piles-of-red-tape-the-reality-of-brexit-hits-britain/

Analysis: Rotting fish, lost business and piles of red tape. The reality of Brexit hits Britain

While it should be a source of embarrassment for the PM that his deal has made life very difficult for many of the industries that he has championed post-Brexit, Johnson’s public statements on the matter suggest he is oblivious to the reality that many are facing.

When asked for comment on the immediate consequences of the trade barriers implemented as a result of the deal, a UK government spokesperson told Appradab Business:

“From the outset we were clear that we would be leaving the customs union and single market which meant that there would be new processes after the end of the Transition Period. These were widely communicated through our public information campaign.”

The starkest example of what Brexit is doing to British business comes from Scotland’s fishing industry. Despite the government’s claims during Brexit negotiations that the fishing industry was very near the top of its priority list, there is a real fear that the entire industry could collapse in a matter of weeks.

“We had an entirely new system for exporters to get their heads around that hadn’t been tested prior to use. The result, somewhat inevitably, was that it started going wrong straight away,” says James Withers, chief executive of Scotland Food and Drink.

“This isn’t as simple as an IT glitch that needs fixing. In a matter of days, we went from being able to send fresh food to Madrid with a single cover sheet of paperwork. Now there are roughly 26 steps for each transaction.”

The real-world impact of this means that some exporters have had the European market cut off overnight. Almost every day, pictures circulate on social media of virtually empty fish markets and boats tied up. Withers has heard stories of Scottish boats sailing 48 hours to process catches in Denmark, just to get their stock into the single market. In an industry where profit margins are often thin, every hour spent working around red tape is critical to both the freshness of the product and the productivity of the business.

When pushed on the matter, Johnson has said that he thinks these are merely teething issues and not the fault of his deal or the barriers it’s created. His spokesman explains that the government is providing £23 million ($31.4 million) for the industry to ease the process.

When asked specifically about the fishing industry earlier this week, Johnson once again denied that the problems facing exporters had anything to do with his deal, but instead were due to restaurants being shut because of the pandemic.

However, Withers believes that money “will run out quickly” and without coming to some new sort of arrangement with the European Union, “this sort of exporting might not be sustainable” and will “almost certainly lead to the very people the [Prime Minister] said he was fighting for losing their jobs.”

The scenes in Scotland might not be as dramatic as the food shortages and lines of backlogged trucks that many predicted post-Brexit, but the damage is already showing up in economic data. Brexit issues are exacerbating a slowdown caused by pandemic restrictions, IHS Markit said on Friday, and lengthening suppliers’ delivery times. While 33% of manufacturers reporting a drop in exports linked the decline directly to the pandemic, some 60% linked the drop to Brexit, according to IHS.

ForagePlus, a horse nutrition business based in Wales, had dozens of parcels bound for Europe returned this week due to glitches in its shipping company’s new systems for processing customs information. “It’s just a shambles basically,” ForagePlus founder Sarah Braithwaite told Appradab Business, adding that it had been nearly a month since the company was able to ship anything into Europe due to the pandemic and Brexit.

There is real concern among trucking companies and logistics firms that things are going to get much worse in the coming months.

Multiple sources within the affected sectors told Appradab Business that British consumers won’t feel much disruption yet, as January is a typically quiet month at ports and the United Kingdom did stockpile goods to prepare for a possible no-deal Brexit. But that could change as trade volumes increase over the coming months, putting border systems under additional pressure.

This could result in a gradual reduction in the variety of fresh produce available to British shoppers. According to a spokesperson for Logistics UK, “in the short term, while supply chains sort themselves out, it may be that we return to a more seasonal approach to shopping or have a more limited range to choose from.” This could mean that after decades of fresh fruit and vegetables at all times of the year, Brits might have to start seeing strawberries as summer treat, for example.

The region where food shortages could fast become a real issue is Northern Ireland, where images of empty supermarket shelves have circulated on social media. Due to the unique position of Northern Ireland, it has split with the rest of the United Kingdom and remained inside the EU single market, making it a lot harder to import food from Great Britain. Simon Coveney, Ireland’s foreign affairs minister, said that images showing empty shelves in Northern Irish supermarkets were “clearly a Brexit issue” and “part of the reality” of the United Kingdom leaving the European Union.

Trade experts are concerned about the gradual decline in EU-UK trade. “The slow decline is in some ways more dangerous than sudden food shortages,” says David Henig, UK director at the European Centre For International Political Economy. “I am particularly concerned about exporters being unable to fulfill orders and losing customers or just giving up completely. The long-term message that sends could be very damaging for inward investment,” he adds.

There are legitimate questions as to why things have been so bad, despite the United Kingdom having years to prepare for the cliff edge. “We’ve known about the risks of not being prepared for five years,” says Anna Jerzewska, founder of Trade and Borders, which assists exporters and importers across Europe.

Jerzewska says that her clients are reporting numerous complaints, but most worryingly a failure of support from the UK government to resolve their issues. “Getting an answer to a technical question could take 48 hours, which is obviously a problem for fresh produce. People in the call centers can only really point to guidance, but the guidance isn’t currently fit for purpose.”

And despite everyone involved working hard to resolve the early issues, Jerzewska fears this won’t be enough to save struggling British exporters. “At the moment it’s shock, but the underlying costs are not going away. And for traders who work at thin profit margins, an extra couple of percentage points could be the end.”

Many of Johnson’s Conservative lawmakers are struggling with how to reply to their constituents. “The party gave us lines to read out when the deal came through presenting it as a huge success, but as time goes on, it’s clear there’s quite a lot of nasty surprises in Pandora’s box,” says one Conservative member of parliament who is not permitted to speak on-the-record about government policy outside of their brief.

Others say that small local businesses are up in arms at finding out that if they want to visit Europe to sell their goods, they might need a work permit from foreign governments or paperwork allowing them to move goods into the European Union.

There isn’t much optimism that things will improve in the near future among moderate Conservatives. Many are extremely worried that the gradual decline caused by Brexit will ultimately lead to Europe trying to lure Britain’s golden goose to the continent: The City of London, which hosts many of the world’s biggest banks.

“Once the fog of Covid lifts, financial and professional services firms looking to expand globally will see London and realize that we have given up quite a lot of our competitive advantage,” says the Conservative member of parliament.

The trade deal Johnson signed bizarrely didn’t address either of these, despite them making up a huge part of the UK economy. Banks and traders in London are now hoping to be granted “equivalence” by the European Union, a designation that would allow them to continue serving EU clients with limited disruption.

“If no deal is reached on equivalence for financial services or data, that could kickstart a squeeze on the city from EU regulators and leave businesses wondering what the benefit of setting up in London is if you want to serve the European market,” says Henig.

The European Union and United Kingdom are supposed to reach an agreement in March on financial services, but the mood music from both London and Brussels right now suggests that the United Kingdom is unlikely to be pulled back into the EU regulatory sphere any time soon.

Many Brexiteer lawmakers felt vindicated when the world didn’t fall off its axis in the immediate aftermath of Brexit, as plenty of the anti-Brexiteers’ worst nightmares failed to materialize. However, if the current trajectory of gradual decline continues, the slide could become uncontrollable.

Those politicians will have to explain to voters why they encouraged their prime minister to pursue such a hard Brexit despite the warnings of its consequences. They have a couple of months before things get really bad to put pressure on Johnson to start engaging with the reality of Brexit a little more.

The question that matters most to those struggling is how bad things must get before those who most vocally supported Brexit are willing to break ranks and admit the truth: that leaving the world’s largest trading bloc has immediate consequences.

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globalnewses · 4 years

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UK PM Johnson says he will carry on as British leader after Brexit By Reuters

© Reuters. FILE PHOTO: Britain’s Prime Minister Boris Johnson signs the Brexit trade deal with EU LONDON (Reuters) – Britain’s Boris Johnson said on Sunday he intended to carry on as prime minister after Brexit. Asked in a BBC interview if he intended to continue in the role, Johnson said: “Yes.” Disclaimer: Fusion Media would like to remind you that the data contained in this website is not…

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upenews · 4 years

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ब्रिटेन की संसद में डील पास, PM जॉनसन और EU लीडर्स ने साइन किए; एक जनवरी से लागू होगी

Hindi News International British PM Johnson Signs EU Trade Deal | UK And European Union Reach Post Brexit Trade Agreement | Brexit | Britain | Trade Agreement Latest News And Updates Ads से है परेशान? बिना Ads खबरों के लिए इनस्टॉल करें दैनिक भास्कर ऐप लंदन/ब्रुसेल्स7 मिनट पहले कॉपी लिंक प्रधानमंत्री बोरिस जॉनसन ने सोशल मीडिया पर लिखा कि इस डील पर साइन करके हम ब्रिटिश लोगों की इच्छा को पूरा कर…

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digitalfime · 4 years

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UK PM Johnson signs Brexit trade deal

LONDON: British Prime Minister Boris Johnson signed the post-Brexit trade deal with the European Union on Wednesday, adding his signature to that of EU chiefs after the document was flown from Brussels to London. “Have I read it? The answer is yes,” Johnson quipped. The trade deal was announced on Dec. 24, and sets out the terms of Britain’s new relationship with the EU following their divorce…

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bluemagic-girl · 5 years

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🔥Brexit latest: EU and UK set to cement trade positions ahead of crunch talks🔥

The latest headlines in your inbox

The EU and UK are preparing to sign off on their Brexit negotiation red lines ahead of crunch trade talks.

The EU27 will gather in Brussels to confirm their mandate for negotiations, with an announcement expected this afternoon.

Leaders from across mainland Europe have suggested that access to the free market will be dependent on Britain’s willingness to conform to its standards and regulations.

Boris Johnson and his team have meanwhile argued that some level of divergence will be necessary to fulfil its future aims for the UK – despite the EU suggesting such differences could hamper a deal.

European Commission President Ursula von der Leyen signing the Withdrawal of the UK from the EU agreement (PA Media)

After the Brexit date of January 31 Britain entered an 11-month transition period, in which the prime minister has insisted he will secure a fresh agreement with the bloc. Its figureheads have said they feel this timeframe might be too tight.

The inner cabinet will gather in Downing Street to discuss Britain’s side of the negotiations today and is set to outline a mandate on Thursday.

Europe adviser David Frost has insisted Britain will diverge from EU rules (REUTERS)

They are expected to push for a Canada-style deal, despite Michel Barnier, the EU’s chief Brexit negotiator, having ruled this out. The PM and his Europe adviser David Frost have outlined this position in recent weeks – with the latter insisting again that straying from EU rules is an integral part of the Governmnent’s Brexit planning.

The PM’s official spokesman, asked about the trade talks on Monday, said: “The UK’s primary objective in the negotiations is to ensure that we restore our economic and political independence on January 1 2021.”

The EU’s chief Brexit negotiatior Michel Barnier (REUTERS)

As the positions are outlined fishing is set to be a key issue – with member states having called for access to UK waters. Mr Johnson said in a speech last week: “British fishing grounds are first and foremost for British boats”.

Another point of contention according to leaked documents linked to the EU mandate will be artefacts of European origin which have been kept in Britain.

Greece has expressed a desire to demand back the Parthenon marbles. Downing Street has insisted the items, held in the British Museum, are not up for negotiation.

It comes as Emmanuel Macron yesterday said talks would be “tense” and added: “It is not certain that we will have a global deal by the end of the year.”

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globalnewses · 4 years

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EU looks to new chapter in relations with Britain as Brexit deal is signed By Reuters

© Reuters. FILE PHOTO: EU Commission President von der Leyen and British PM Johnson meet in Brussels BRUSSELS (Reuters) – With a call for both sides to look forward to a new chapter in their relationship, EU chiefs signed the Brexit trade deal agreed with Britain and sent the text off to London on Wednesday for Prime Minister Boris Johnson to add his signature. Against a backdrop of EU flags,…

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joshuajacksonlyblog · 5 years

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Bitcoin is the Ideal Safe Haven for UK Citizens Right Now

It is no secret that Bitcoin’s popularity varies based on jurisdiction. The reasons why the cryptocurrency notes greater adoption in some particular countries differ from place to place, but here is why Britons should seriously consider investing in Bitcoin at this particular moment. Ongoing Brexit Uncertainty to Support Bitcoin Demand The fact that Prime Minister Boris Johnson’s Conservative Party won a historic victory in the UK election initially dissolved Brexit uncertainty concerns. Now the PM has full control over the UK parliament, so the latter cannot hinder his rush to handle the Brexit process. However, the market’s enthusiasm didn’t last long, as Johnson surprisingly decided to make it illegal for the government to extend the deadline for the so-called Brexit transition beyond December 2020. It refers to the period when the UK and Europe have to reach consensus on their trade relationship. Considering that the UK will likely leave the European bloc on January 31, the two sides have only 11 months to sign a trade deal. European leaders and the British opposition claim that the timeline is too tight for such a complex deal and recommend at least two years of talks after the official withdrawal date. Markets fear that Johnson’s decision to rule out any extension attempt might lead to a no-deal Brexit, which is the worst-case scenario for the British economy. Britons will have 11 long months of confusion, and Bitcoin might act as the perfect safe-haven tool. The risks of a no-deal Brexit are real as soon as Johnson doesn’t change his mind or the Europeans don’t make serious compromises. However, European Commission President Ursula von der Leyen doesn’t believe that a trade deal could be reached within such a short timeframe. She said: It is basically impossible to negotiate all of what I’ve mentioned. Elsewhere, Johnson doesn’t seem to be in the mood to reverse his decision, especially when he had been previously humiliated by the pre-election parliament to break his own promises. Bank of England is Ready to Cut Interest Rate Last week, Bank of England (BoE) Governor Mark Carney surprised investors by hinting that the central bank was ready to cut the interest rate if the economic growth continues to be sluggish. The last time when the BoE cut its benchmark interest rate was in 2016, so the move might turn bullish for Bitcoin. During the last two meetings last year, two out of nine members of Monetary Policy Committee (MPC) unexpectedly supported a rate cut from 0.75% to 0.50%, citing weak labor market and Brexit uncertainty. Carney’s comments prove that more policymakers, probably a majority, don’t mind to cut the rate. After Carney, two other MPC members – Silvana Tenreyro and Gertjan Vlieghe – expressed their readiness to support a rate cut if the economic weakness persists. Tenreyro said during an event: If uncertainty over the future (EU) trading arrangement or subdued global growth continue to weigh on demand, then my inclination is towards voting for a cut in Bank Rate in the near term. While Tenreyro admitted she would vote for the cut within several months, Vlieghe said yesterday that he was ready to ease the policy as early as later this month – BoE’s next meeting is scheduled for January 22. “I really need to see an imminent and significant improvement in the UK data to justify waiting a little bit longer,” Vlieghe stated. However, according to ONS data released earlier today, the UK’s GDP for November declined 0.3%, while analysts expected no change. Thus, it is likely that the BoE will ease its policy sooner than later. Lower interest rates make the national currency cheaper, which is why Britons might turn to Bitcoin. Do you think Britons have better safe-haven options than Bitcoin? Share your thoughts in the comments section! Image via Shutterstock, Bitcoinist’s media library The post appeared first on Bitcoinist.com. from Cryptocracken Tumblr https://ift.tt/2ReFEnb via IFTTT

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technologyinfosec · 5 years

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Trade and economy in focus as G7 leaders get down to work

Leaders of the Group of Seven wealthy nations discussed global trade woes at their annual summit on Sunday. The G7 gathering is taking place against a backdrop of growing worries about a global economic downturn and coincides with an era of international disunity across an array of issues that have strained decades-old allegiances. Trump joined the leaders from France, Britain, Japan, Germany, Italy and Canada in the French coastal resort of Biarritz for three days of talks that kicked off on Saturday with an ambitious agenda that includes the defence of democracy, gender equality, education and climate change. The G7 gathering is taking place against a backdrop of worries about a global economic downturn and coincides with an era of international disunity across an array of matters. Trump said that he had second thoughts about escalating the trade war with China, he meant that he wished he had raised tariffs on Beijing even higher, the White House said. Trump, who announced higher tariffs on Chinese goods last week, raised eyebrows during a meeting with British Prime Minister Boris Johnson at the G7 when he responded in the affirmative to questions from reporters on whether he had any second thoughts about the tariff move. White House spokeswoman Stephanie Grisham sought to explain the remark. "His answer has been greatly misinterpreted. President Trump responded in the affirmative - because he regrets not raising the tariffs higher," she said in a statement. Niche issues The delegations had barely arrived before divergences were exposed, with senior US officials accusing the host, French President Emmanuel Macron, of looking "to fracture the G7" by focusing on "niche issues" rather than major global concerns. France denied this, pointing to Sunday's initial session covering the economy, trade and security - areas that used to draw easy consensus but are now sources of great friction. Trump arrived in France just hours after escalating his trade war with China in a tit-for-tat battle between the world's two largest economies that has spooked financial markets. "I am very worried about the way it's going, the growth of protectionism, of tariffs that we're seeing," British Prime Minister Boris Johnson said on Saturday. "Those who support the tariffs are at risk of incurring the blame for the downturn in the global economy, irrespective of whether or not that is true." Underlining the discord, Trump also threatened his host on the eve of the summit, saying the United States would tax French wine "like they've never seen before" unless Paris dropped a digital tax on US technology companies. Leaping into the fray, European Council President Donald Tusk, who takes part in the G7 discussions, warned the EU would respond "in kind" if Trump acted on his threat. "This may be the last moment to restore our political community," Tusk told reporters on Saturday, giving a bleak assessment of Western relations. Looking to broaden the scope of the debate, Macron has invited several African leaders to discuss the problems facing their continent, while leaders from India, Australia, Chile and Spain were due to attend a dinner later on Sunday where the focus will be on the environment among other issues. Japan trade deal On the sidelines of the summit, President Donald Trump on Sunday said he and Japan's Prime Minister Shinzo Abe had agreed on the principles of a trade deal that would probably be signed next month in New York. Trump's Trade Representative Robert Lighthizer said the deal would open up markets to over $7 billion worth of goods and covered agriculture, industrial tariffs and digital trade. The US president said Abe agreed that Japan would buy excess US corn. Abe said of the "potential" purchase of US corn that such purchases would be carried out by the private sector. Brexit Squabbles Trump up-ended last year's G7 summit in Canada, walking out of the meeting early and disassociating himself from the final communique having initially endorsed the document. France has got around that problem by doing away with the time-honoured communique, deciding it was not worth even trying to find common language. While the transatlantic rift is the most stark, there are also deep divisions within the European camp, with Johnson making his G7 debut at a time when he is struggling to persuade EU capitals to renegotiate Britain's divorce from the bloc. Johnson and Tusk, who are due to talk on Sunday on the sidelines of the summit, sparred ahead of the meeting over who would take the blame if Britain leaves the EU on Oct. 31 without a Brexit agreement acceptable to both sides. "I still hope that PM Johnson will not like to go down in history as Mr No Deal," said Tusk, who leads the political direction of the 28-nation European Union. Johnson later retorted that it would be Tusk himself who would carry the mantle if Britain could not secure a new withdrawal agreement. Macron added to the internal EU strains by unexpectedly threatening on Friday to block an EU trade deal with a group of South American states over Brazil's handling of fires that are ravaging the Amazon rainforest. Germany and Britain both voiced deep concern about the blazes, but disagreed with Macron on how to respond, saying shooting down the ambitious Mercosur trade accord would not help save the Amazon. Read the full article

#technology #technologyinfosec

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its-veso · 5 years

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GBP/USD: Hopes may have been premature

GBP/USD has been retreating from the highs reached after Merkel’s comments.

The Johnson-Merkel meeting will be closely watched by markets.

Wednesday’s four-hour chart is pointing to potential gains for GBP/USD.

Is Germany ready to compromise with the UK on Brexit? Pound bulls are having second thoughts after they initially sent GBP/USD surging. Nevertheless, sterling is trading above the levels that preceded German Chancellor Angela Merkel’s comments on the Irish backstop.

The soft-spoken said that the EU is ready to look for practical solutions in the most thorny issue related to the UK’s exit from the EU. She added that the backstop is a matter for the Political Declaration (PD) that can be altered while sticking to the bloc’s stance that the Withdrawal Agreement (WA) cannot be changed. The pound further advanced on reports that British officials are having informal conversations with their European peers.

UK prime minister Boris Johnson is set to travel for a meeting with Merkel later today and investors are waiting for clarifications. He will then travel to Paris for an encounter with French President Emmanuel Macron.

There are good reasons to doubt a breakthrough that will avoid hard Brexit.

Norbert Röttgen, a close ally of Merkel, has said that the PM’s visit to Berlin “will not change the German stance.” Moreover, European Commission President Donald Tusk instantly rejected Johnson’s request to remove the backstop, by labeling it as unrealistic in a tweet:

Those against the backstop and not proposing realistic alternatives in fact support reestablishing a border. Even if they do not admit it.

Reports in the British press say that the PM will now suggest a temporary UK-Ireland bilateral agreement that guarantees no hard border. However, that would break the integrity of the EU’s customs union and single market – and will likely be rejected as well.

With 71 days to go until Brexit[1], preparations for a no-deal exit are accelerating. London announced it would pull out British diplomats from non-essential EU meetings from September 1st – in order to focus on the exit.

All in all, Tuesday’s optimism seems unjustified.

Will GBP/USD fall?

The USD awaits a test of its own later today – the release of the Federal Reserve’s meeting minutes. The document may provide more details on the Fed’s thinking around that meeting – when they decided to cut rates[2]. Markets want to know the bank’s tendency to reduce rates in September.

Back then, Chair Jerome Powell[3] said that the cut is only a “mid-cycle adjustment” and not the beginning of a long cycle. However, disappointing economic figures overseas, Trump’s new tariffs, and the inversion of the yield curve have led markets to expect further stimulus.

See FOMC Minutes Preview: The Fed vs the markets[4]

GBP/USD Technical Analysis

Contrary to the fundamental picture, technicals are pointing higher.

GBP/USD[5] is trading in an uptrend channel since the middle of last week, reversing a downtrend. Momentum is positive and the recent surge has sent the currency pair above the 50 and 100 Simple Moving Averages – all bullish signs.

Some resistance awaits at 1.2100, which capped cable in recent days. It is followed by the mid-August high of 1.2210, and then by the early August peak of 1.2250. 1.2380 is next.

Support awaits at 1.2080 which held the pair up late last week. It is followed by 1.2040, that provided support last week, and by the 2019 trough of 1.2015. 1.2000 and 1.1985 are next.

References

^ Brexit (www.fxstreet.com)

^ rates (www.fxstreet.com)

^ Jerome Powell (www.fxstreet.com)

^ FOMC Minutes Preview: The Fed vs the markets (www.fxstreet.com)

^ GBP/USD (www.fxstreet.com)

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/Iw7hpqsUG2Y/

#Forex News #Forex Crunch

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ebenpink · 5 years

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World News Briefs -- August 20, 2019 (Evening Edition) https://ift.tt/2ZaSqdy

U.S. Secretary of State Mike Pompeo speaks during a meeting of the UN Security Council at UN headquarters in New York, U.S., August 20, 2019. REUTERS/Lucas Jackson

Reuters: U.S. will act if Iranian tanker tries to deliver oil to Syria: Pompeo UNITED NATIONS/ATHENS (Reuters) - The United States will take every action it can to prevent an Iranian tanker sailing in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions, Secretary of State Mike Pompeo warned on Tuesday. Greece said earlier in the day that it had not had a request from the Adrian Darya 1, the vessel at the center of a dispute between Iran and the United States, to dock at one of its ports, as Washington warned Greece against helping the vessel. Read more ....

MIDDLE EAST

Pompeo warns of 'new turmoil' if U.N. arms embargo on Iran lifted in 2020. Syria's war: Rebels withdraw from Idlib's Khan Sheikhoun. Rebels withdraw in key Syrian town as pro-Assad troops advance. Yemen's Houthis down U.S. drone in Dhamar governorate: spokesman. Yemen separatists drive out govt troops from two camps in south. Turkey says it will not move military observation post in Syria. Syrian migrants in Turkey face deadline to leave Istanbul. Iran says foreign minister Zarif to visit Macron in France. Top Iranian official: We should never have signed Obama-era nuclear deal. Iran rejects appeal against UK resident's 10-year jail sentence.

ASIA

US envoy to resume talks with Taliban on ending Afghan war. Hong Kong’s leader vows to narrow rifts, but no specifics. Beijing won’t make trade concessions if US plays Hong Kong card, Chinese state media says. China steps up threats to Hong Kong protesters. Chinese Government voices support for counter Hong Kong protests in Australia. Report: China boosts food aid to North Korea. Pompeo expresses concern over North Korea missile tests. Trump urges restraint on Kashmir in call with India and Pakistan. Hundreds escape Papua prison after violent riots. Bangladesh seeks to repatriate 3,000 Rohingya to Myanmar. Urgency for vaccine grows as virus ravages China’s pigs.

AFRICA

Sudan forms 11-member sovereign council, headed by military leader. More than a hundred migrants feared dead off Libya coast. Burkina Faso troops killed in 'major terrorist attack'. Egypt says security forces kill 11 militants in Sinai. Gunmen kill 16 villagers in northern Nigeria: officials. Cameroon anglophone separatist movement leader sentenced to life, say lawyers. Kenya, Ethiopia spar over Jubbaland polls in Somalia, AMISOM steps in. Zimbabwe ex-Vice-President Phelekezela Mphoko 'on the run'. Algeria protest movement marks six months, at an impasse.

EUROPE

Police, protesters fill French beach resorts for G-7 summit. Migrants exit rescue ship in Italy after 19-day standoff. Italian premier resigns, blames deputy for political crisis. Mysterious military accident none of your business, Russia tells nuclear monitoring group. EU rebuffs British PM Johnson's Brexit gambit. Brexit: UK to end EU freedom of movement immediately in no-deal scenario. EU rejects demand by British PM Johnson to revise exit deal. Northern Ireland: Blast targets police near border. Far-right party surge in eastern German regions threatens Merkel's coalition. Germany's central bank warns of possible recession. 'No request' from Iran tanker to dock in Greece: minister.

AMERICAS

Trump acknowledges China polices may mean US economic pain. Donald Trump says he's weighing cuts in payroll taxes, capital gains but dismisses recession fears. White House insists fundamentals of US economy ‘very strong’. Biden expands lead over 2020 Democrats: poll. US states ready antitrust probe of tech titans: report. Epstein put assets in trust two days before suicide: report. Colombia laments lack of aid for growing Venezuela migration crisis. Venezuela's number two denies secret talks with US. IMF says sending team to Argentina 'soon'. Police shoot dead Brazil bus hijacker after hours-long standoff.

TERRORISM/THE LONG WAR

Canada says it will not help 'Jihadi Jack' come to the country. Pompeo says ISIL gaining strength in some areas. Islamic State could re-emerge in Syria, Chinese envoy warns. Air raid in Somalia killed al-Shabab fighter, says US. Afghanistan vows to crush Islamic State havens after attack.

ECONOMY/FINANCE/BUSINESS

Wall Street rally ends as financial shares slide. Google, Amazon, Facebook slam French digital tax as ‘discriminatory’. Corporate leaders scrap shareholder-first ideology. Huawei: U.S. blacklisting more partners 'politically motivated'. from War News Updates https://ift.tt/31KpsOm via IFTTT

#IFTTT #Blogger

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