Friday, October 23, 2020

Tag: Deal or No-Deal

Deal or No-Deal, Brexit Dooms the Euro

by Tom Luongo, Tom Luongo:

Deal or No-Deal, when it comes to Brexit, the euro is toast. Markets, however, believe the fantasy of its survival. As we approach the end of July the euro clings to support at $1.11, mere pips away from a technical breakdown.

That breakdown will trigger a wave of asset liquidation and another round of negative headlines emanating from troubled German banks.

With 10 Downing St. now saying No-Deal is acceptable, the hard line negotiating tactics of the European Union have hit a rocky shore.