Chaos erupts！British Parliament and Brexit wreak havoc - ~Key points and schedule for November 16~

◎ Today's Highlights

1)Impact of Brexit

・ Since yesterday, the pound has fluctuated greatly around UK politics.

・ Brexit provisional agreement → large rise in the pound

・ Cabinet approval required for the provisional agreement → pound gains halved or fully erased

・ Resignations of ministers, yet the provisional agreement passes each bill → pound rises

・ Ministers resign one after another over the Brexit provisional agreement → pound falls sharply

In such a situation, anything can happen in the UK.

An extraordinary EU summit is scheduled for the 25th.

Keep an eye on information related to Brexit negotiations today as well.

※ We plan to summarize the detailed specifics in a separate article.

2)Italy Budget Plan

The Italian budget plan is worsening relations between Italy and Europe. Many prominent figures are repeatedly commenting on the budget plan. Important European indicators and statements from key figures are scheduled today as well. Pay attention to the euro level and headlines.

3)Crude oil prices and risk-off

Crude oil prices have fallen sharply and have rebounded briefly, but are trending lower. The rise in US and Japanese stock prices is also weighed down. UK political instability is spreading. Globally, risk sensitivity is heightened.

Amidst all this, I focused on the USD/JPY.

USD/JPY Buying Strategy! – Bold Forecast for USD/JPY this year

◎ Today’s Event Schedule

11/16 (Friday)

17:30 EURDraghi, President of the ECB, speech
19:00 EUREurozone HICP / Consumer Price Index
20:00 EURItaly HICP / Consumer Price Index
22:00 EUR Weidmann, President of the Bundesbank, speech
23:15 USD Industrial Production

11/17 (Saturday)

APEC Summit
Japan-Australia Leaders' Meeting

01:30 USD Evans, President of the Chicago Fed, speech
03:00 USD Baker Hughes Rig Count

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