Euro near seven-week low after ECB; China virus worries linger

© Reuters. Euro currency bills are pictured at the Croatian National Bank in Zagreb © Reuters. Euro currency bills are pictured at the Croatian National Bank in Zagreb

By Hideyuki Sano

TOKYO (Reuters) – The euro hovered near a seven-week low against the dollar on Friday after the European Central Bank was seen as more cautious than expected, while anxiety over China’s coronavirus outbreak propped up the safe-haven yen.

The euro changed hands at $ 1.1055 (), having touched a seven-week low of $ 1.1036 on Thursday. The currency flirted with five-week low against the British pound () and 33-month low against the Swiss franc ().

The ECB launched a broad review of its policy, seeking to redefine its main goal and how to achieve it, as years of the central bank’s experiment with negative interest rates and quantitative easing have failed to deliver targeted inflation levels.

ECB President Christine Lagarde told a news conference that risks to growth in the euro zone remained tilted to the downside and traders took her overall tone as dovish.

“Some people were hoping that Lagarde could talk about the possibility of policy normalization after Riksbank ended negative interest rates late last year. But there was absolutely no such indication from her,” said Kazushige Kaida, head of foreign exchange at State Street (NYSE:) Bank.

Riksbank, the central bank of Sweden, ended five years of negative interest rates last month, despite a slowdown in the Swedish economy, a decision which many investors thought was made to allay concerns about side-effects such as housing bubble damages to pension funds.

Purchasing Managers’ Index (PMI) data from Germany and the euro zone due later on Friday is the next focus for the currency.

The common currency was also undermined by the coronavirus threat in China because some countries in the bloc, notably Germany, have big trade exposures to the Asian economic giant.

Concerns about the spread of the new disease bolstered the yen, which traded at 109.45 yen to the dollar , having risen to a two-week high of 109.26 on Thursday.

The World Health Organisation (WHO) said on Thursday it was “a bit too early” to declare the new virus a global health emergency, providing financial markets with some relief.

Yet many investors were anxious as the epidemic spreads within China, killing 25 people in China and infecting more than 800.

“The Lunar New Year holiday in China has just begun and they say the virus could be latent for about a week. So at least for the next couple of weeks it will be difficult to gauge how much the new disease will have spread,” said Shinichiro Kadota, senior FX strategist at Barclays (LON:).

“That suggests the yen is likely to have a strengthening bias during this period,” he added.

Chinese financial markets will be closed through Thursday. Many other markets in the region will be shut on Monday.

The was little changed at 6.9275 per dollar , after touching a two-week low of 6.9423 on Thursday.

The Australian dollar fetched $ 0.6843 , having erased all of the gains made after a firm payrolls figure the previous day, and was on track for a fourth consecutive week of losses.

Elsewhere, sterling traded at $ 1.3121 , little changed on the day but up 0.9% so far this week as solid UK economic data prompted traders to wind back expectations of a rate cut by the Bank of England at its policy meeting next week.

UK PMI data, due at 9:30 a.m. local time (0930GMT) on Friday, will be closely watched for any clues on the BoE’s next policy decision on Jan. 30.

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Forex – U.S. Dollar, CNY steady after trade deal

© Reuters.  © Reuters.

By Cornelia Zou

Investing.com – The dollar and the remained steady a day after China and the U.S. signed a phase one trade deal aimed at easing tensions between the two largest economies in the world.

The signing of the deal on Wednesday, Jan. 15, in the U.S. helped equities markets and lent some stability to currencies.

The that tracks the greenback against a basket of other currencies was slightly lower, down 0.02% to 97.30 by 8:30 PM ET (01:30 GMT). The index has remained strong after falling at the beginning of the year.

The People’s Bank of China (PBOC) set the reference rate for the yuan at 6.8878 on Friday, compared to 6.8807 on Thursday. The pair was essentially flat, down 0.01% to 6.8759 on Friday morning.

China’s economy grew 6.1% through 2019, the lowest rate of growth since 1990, according to numbers released by the National Bureau of Statistics Friday morning. The growth rate is lower than market expectations of 6.2% but within the 6% to 6.5% the central government set in early 2019.

Growth in the fourth quarter was 6%, unchanged from the previous quarter.

The Friday data follows the release of monthly export and import numbers earlier in the week that showed exports rising in December for the first time in five months and import growth beating estimates. Exports from China rose 7.6% year on year in December while imports jumped 16.3%, the largest monthly jump in more than a year.

The yen continued to weaken against the greenback. The pair was up 0.04% to 110.19.

The pair was down 0.17% and the pair lost 0.08%.

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Pound Slips After Weaker Inflation Adds to Case for BOE Stimulus

© Reuters.  Pound Slips After Weaker Inflation Adds to Case for BOE Stimulus © Reuters. Pound Slips After Weaker Inflation Adds to Case for BOE Stimulus

(Bloomberg) — The slid and gilts rallied after inflation data backed up Bank of England policy maker Michael Saunders’ call for urgent stimulus to boost the U.K. economy.

Sterling fell against all its peers and government bond yields dropped to the lowest in more than a month as the data fueled bets that the central bank will lower interest rates this year. Money markets are now fully pricing in a full 25-basis-point rate cut for June, compared to November a day ago, and see a 62% chance of a move this month.

Saunders’ view on the need for more accommodative policy comes just days after BOE Governor Mark Carney said Britain’s economic growth had slowed below potential and that the Monetary Policy Committee had discussed the merits of near-term stimulus.

“There is more room for easing expectations to rise should incoming data disappoint and that could keep short-term sterling downside risks intact,” said Manuel Oliveri, a currency strategist at Credit Agricole (PA:) AG.

The pound fell 0.2% to $ 1.2998 by 9:40 a.m. in London, and also slipped 0.2% to 85.65 pence per . Benchmark 10-year yields extended their drop to seven basis points at 0.66%.

U.K. annual inflation came in at 1.3% for December, versus expectations for 1.5%, data showed. If the U.K. postponed easing policy this could spur risks “of a low inflation trap,” Saunders said earlier on Wednesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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China’s yuan gains after U.S. drops China FX manipulator label

By Yoruk Bahceli

LONDON (Reuters) – China’s yuan climbed to its highest level since July on Tuesday and the Japanese yen plumbed eight-month lows as the U.S. Treasury Department reversed its decision in August to designate China as a currency manipulator.

The Treasury Department’s new report on currency manipulators could help explain the reason for the Swiss franc surging to a 33-month high against the euro, some analysts said. [L8N29J36G] Washington included Switzerland on a watchlist, although other market participants said it had been expected and broader safe-haven flows were behind the franc’s move.

The announcement on the yuan came as Chinese Vice Premier Liu He arrived in Washington ahead of Wednesday’s signing with U.S. President Donald Trump of a preliminary trade agreement aimed at easing tensions between the two countries.

“Washington’s decision to lift its designation of currency manipulator on China has added to the positive mood that has been already in place ahead of the signing of the trade deal,” said Minori Uchida, chief currency strategist at MUFG Bank.

People familiar with the negotiations said its removal was an important symbol of goodwill for Chinese officials.

China has also pledged to buy almost $ 80 billion of additional manufactured goods from the United States over the next two years as part of a trade war truce, according to a Reuters source.

The dollar rose as much as 0.3% against the Japanese yen to 110.22 yen , its highest since late May versus a currency that tends to weaken when investors are buoyant. It last stood at 109.97 yen.

In onshore trade, the yuan strengthened to as high as 6.8731 per dollar , its strongest since late July. China’s central bank set the midpoint of the yuan’s daily trading band at 6.8954 per dollar on Tuesday, its strongest fixing since Aug. 1.

The also firmed to its strongest level in six months, hitting 6.8662 yuan before easing off .

Chinese forecast-beating trade data also helped to boost optimism about the economy and the yuan.

Despite the optimism, some analysts said there were signs of a bid for safety.

The Swiss franc rose to its strongest since April 2017 at 1.0763 against the euro (), up nearly 0.5%. It rose 0.4% versus the dollar .

Some analysts said this reflected nervousness, as risky emerging market currencies such as the South African rand and Turkish lira fared poorly.

“The interesting question is how long can this optimism last, how much further can it go. A lot surely has to be in the price,” said Jane Foley, senior FX strategist at Rabobank.

“If we were to get another rise in tensions between the U.S. and China and if we were to turn our attention to phase two (of the trade deal)… it’s very likely that we will see the renminbi falling again,” Rabobank’s Foley said, adding that the currency might face a low at the 7.18 level hit in September.

In Europe, sterling weakened further on Tuesday, hitting a seven-week low against the euro at 85.95 pence before recovering. ()

The currency has come under pressure from weak data releases, raising the chances of a cut to interest rates by the Bank of England. Money markets forecast an almost 50% probability of a cut at a meeting on Jan. 30.

The euro was mildly supported by risk-on sentiment, remaining off a two-week low of $ 1.10855 () hit on Friday, last trading at $ 1.1124.

The gained 0.1% to 97.43 ().

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U.K. Brexit Bill Clears House of Commons After Year of Gridlock

© Reuters.  U.K. Brexit Bill Clears House of Commons After Year of Gridlock © Reuters. U.K. Brexit Bill Clears House of Commons After Year of Gridlock

(Bloomberg) — Prime Minister Boris Johnson’s Brexit legislation cleared its final hurdle in the House of Commons, putting an end to the parliamentary gridlock that cost his predecessor Theresa May her job.

Members of Parliament voted 330 to 231 in favor of the Withdrawal Agreement Bill, which now passes to the upper House of Lords. Johnson wants the measures passed into law before the end of the month so the U.K. can leave the European Union on Jan. 31 and he can deliver on his election campaign promise to “get Brexit done.”

“It is my sincere hope that their lordships will now give due regard to the clear majorities we have seen during the committee stage and establish their endorsement of this bill in a similar, timely, fashion,” Brexit Secretary Steve Barclay told lawmakers. “This bill will secure our departure from the European union with a deal that gives certainty to businesses, protects the rights of our citizens and ensures that we regain control of our money, our borders, our laws and our trade policy.”

The smooth passage of the bill illustrates the dramatic shift in the political landscape since May first tried to get her Brexit deal through Parliament a year ago. The U.K.’s split from the bloc this month is now virtually a formality, and attention is already turning toward negotiations on the future relationship. Johnson wants to broker a Canada-style trade deal by the end of 2020, something the EU Commission says is impossible.

After Johnson stormed to an 80-seat majority in the Dec. 12 election, he stripped out a series of concessions May had made to opposition lawmakers, including guarantees on workers’ rights and the environment, measures to protect child refugees, and giving Parliament a say over the next stage of negotiations.

Opposition Members of Parliament tried — and failed — to reinsert some of those measures during debates in the House of Commons. Opposition amendments are more likely to pass in the House of Lords, the unelected chamber where the government doesn’t have a majority, but the Commons can strip them out again. In such circumstances, the Lords traditionally bows to the will of the elected chamber.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Yen, Swiss franc fall after Trump signals no further action vs Iran

© Reuters. Light is cast on a Japanese 10,000 yen note as it's reflected in a plastic board in Tokyo, in this picture illustration © Reuters. Light is cast on a Japanese 10,000 yen note as it’s reflected in a plastic board in Tokyo, in this picture illustration

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – The safe-haven yen slid from three-month highs against the dollar on Wednesday, as U.S.-Iran tensions eased after President Donald Trump signaled there would be no further military action, for now, with Tehran appearing to have pulled back from its threats.

Another safe haven, the Swiss franc, also fell. It had earlier touched a more than one-week peak versus the greenback. Gold, which draws a bid in times of geopolitical stress, also gave up earlier gains, as did .

Trump backed away on Wednesday from days of angry rhetoric against Iran as the two countries tried to defuse a crisis over the American killing of Iranian military commander Qassem Soleimani.

In an address from the White House, Trump said the United States did not necessarily have to respond militarily to Iranian missile attacks on military bases housing U.S. troops in Iraq overnight.

Iran said it had fired missiles at U.S. targets in Iraq in retaliation for last Friday’s U.S. drone strike that killed Soleimani.

“It’s a big sigh of relief for the markets,” said Shaun Osborne, chief FX strategist, at Scotiabank in Toronto.

“The markets were concerned that there was the risk of an escalation. I would be very surprised though that this would be the absolute end of all of this, but the risk of a direct confrontation between the U.S. and Iran seems less of a risk,” he added.

SAFE HAVENS

The yen, regarded as a safe haven in times of geopolitical turmoil because of its deep liquidity as well as Japan’s current account surplus, dropped, pushing the dollar to a more than one-week high of 109.19 yen . The dollar earlier fell to a three-month low of 107.66 yen following Iran’s strike, but was last up 0.8 at 109.18 yen.

(GRAPHIC: Bumpy ride for markets after Iran strikes at U.S. forces in Iraq – https://fingfx.thomsonreuters.com/gfx/mkt/13/712/712/frx0801.png)

The dollar also rose against the Swiss franc at 0.9737 franc , up 0.3%, after falling to a more than one-week trough earlier in the global session.

A higher-than-expected U.S. private payrolls number for December also boosted the dollar. The rose 0.3% to 97.30 () in mid-afternoon trading.

The ADP (NASDAQ:) National Employment Report on Wednesday showed private payrolls jumped by 202,000 jobs last month after an upwardly revised 124,000 gain in November. Economists polled by Reuters had forecast private payrolls of 160,000 last month following a previously reported 67,000 rise in November.

“The market still has the ultimate ballast, or anchor, which is the U.S. economy,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. “Even though there’s some variance month-to-month between the ADP and the non-farm payrolls report, the ADP is still a good indicator of the underlying trend.”

The euro, meanwhile, was at $ 1.1108 in afternoon trading, down 0.4% () and near session lows.

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Safe-haven currencies jump after U.S. air strike in Iraq

By Olga Cotaga

LONDON (Reuters) – Safe-haven currencies such as the Japanese yen jumped to their highest in months on Friday after U.S. air strikes on Baghdad airport killed a senior Iranian military official, stoking tensions in the Middle East.

U.S. Treasuries, oil prices and gold rallied after an Iraqi militia spokesman told Reuters that Iranian Major-General Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis were killed in the attack.

The Pentagon confirmed the strike, saying Soleimani was actively developing plans to attack Americans in Iraq and the Middle East.

The Japanese yen hit a two-month high of 107.92 against the U.S. dollar and was last up 0.5% on the day.

The yen is often seen as a haven from risk, given Japan’s status as the world’s largest creditor nation. A holiday in Tokyo also made for thin conditions, exaggerating the move.

(GRAPHIC: Japanese yen surges to 2-month high vs dollar – https://fingfx.thomsonreuters.com/gfx/mkt/13/564/564/Japanese%20yen%20surges%20to%202-month%20high%20vs%20dollar.png)

The Swiss franc, another currency perceived as safe, surged to a four-month high of 1.0824 against the euro. () The U.S. dollar hit a one-week high versus the euro ().

10-year U.S. government bond yields fell to their lowest in three weeks at 1.814%, after trading as high as 1.946% the day before. Bond prices rise as yields fall.

Jeremy Stretch, head of currencies as CIBC, said the fall in U.S. yields showed a reversal of the optimism seen on Thursday.

Market participants are now calculating the risk of retribution from the Iranian side, he said. “We are still waiting and watching to see whether there is going to be (the) dynamic reaction that the initial headlines suggest.”

A stronger dollar sent the pound down 0.2% to $ 1.3117 and 0.1% lower against the euro at 85.10 pence ().

Traders will be watching preliminary German inflation numbers for December, due at 1300 GMT. Economists polled by Reuters expect yearly inflation to have risen to 1.4% from 1.1% the month before.

Preliminary data in France showed inflation beating market expectations, rising to 1.6% from 1.2%. Polls had forecast an increase to 1.4%.

An index of U.S. manufacturing activity is also due at 1500 GMT, but markets will be more interested in scrutinizing the minutes from the Federal Reserve’s last meeting in December.

Though the Fed has left interest rates unchanged, analysts will look for clues on how the bank is looking to solve the liquidity squeeze in the “repo”, or repurchasing agreement, market, CIBC’s Stretch said.

Several Fed official are speaking on Friday, including Governor Lael Brainard and the heads of the San Francisco, Chicago, Richmond and Dallas banks.

Analysts expect they will stay upbeat on the economic outlook and reiterate a steady outlook for rates.

Elsewhere, the Hong Kong dollar jumped to a 2-1/2-year high of 7.7770 against the U.S. dollar .

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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U.S. dollar gains slightly after declining for two weeks

© Reuters.  © Reuters.

Investing.com – With the release of a series of data, the U.S. dollar gained some ground on Friday in Asia after declining for two weeks.

The rose 0.08% to 97.035 by 11:30 PM ET (03:30 GMT).

The greenback has made a slight comeback after drifting further on Thursday on the news of U.S. President Donald Trump’s impeachment by the House of Representatives. Trump is the third president to be impeached in U.S. history but is likely to survive a trial in the Republican-led Senate, which is expected to vote in January.

The National Association of Realtors reported that the existing-home sales had decreased 1.7% from October to an annual rate of 5.35 million in November. However, sales are up by 2.7% year on year compared to the 5.21 million in November 2018.

In addition, new job data pointed to sustained labour market strength with initial claims for state unemployment benefits fell 18,000 to 234,000 for the week ended Dec. 14, said the Labour Department. The reading surged to a two-year high at 25,200 last week.

Meanwhile, the Philadelphia Federal Reserve released a flat manufacturing index for December on Thursday. The current general activity index fell 10.1 points to 0.3 in December – this is its weakest reading in six months and far below economists’ expectations of 8, according to a Reuters survey. The index tracks manufacturing in Pennsylvania, New Jersey and Delaware.

“Manufacturing activity in the region was flat this month…” the federal reserve bank said in a release. “The survey’s broad indicator for current activity dropped to a reading near zero this month, although indicators for new orders, shipments, and employment remained at higher positive readings.”

“The survey’s future activity indexes remained positive, suggesting continued optimism about growth for the next six months,” it added.

The pair dropped 0.03% to 109.33.

The pair was down by 0.03% to 0.6604.

The pair was trading at 0.6894, up 0.15%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Bank of Italy reform in spotlight after latest bank bailout

By Giuseppe Fonte and Gavin Jones

ROME (Reuters) – Italy’s ruling coalition may change the way the country’s central bank exercises its supervisory powers, a senior politician said on Friday, following the costly bailout of a small southern bank.

In the latest of several state rescues of ailing lenders, the government this week approved an emergency decree granting a lifeline of up to 900 million euros ($ 992 million) to cooperative bank Popolare di Bari.

Successive Italian governments, with support from healthy banks, have spent more than 20 billion euros to manage a raft of banking crises since 2015. In many, politicians have blamed the Bank of Italy and its governor Ignazio Visco. Both have always denied responsibility.

Critics say a key factor in Popolare di Bari’s crisis was its 2014 acquisition of troubled rival Tercas. The takeover was authorized by the central bank but further weakened Pop Bari by increasing its bad loan burden.

Andrea Orlando, deputy leader of the co-ruling Democratic Party (PD), said the Pop Bari bailout suggested something was not working in the way the central bank policed the country’s lenders and the coalition needed to look into possible changes.

“If our suspicion is correct, we need to separate the Bank of Italy’s supervisory structure from its other functions,” he told Reuters in an interview.

“The Bank of Italy is both a player and a referee, so a clarification of the rules may be needed,” he added, referring to the fact that the central bank both polices the banks and rules on mergers.

The Bank of Italy declined to comment for this article.

This week it blamed the European Commission, saying legal objections in Brussels to the merger with Tercas had delayed the operation, “with significant negative consequences for both banks.”

The other ruling party, the anti-establishment 5-Star Movement, has been more aggressive in its proposals to reshape the central bank.

Some of its lawmakers want to give politicians the power to name the bank’s board, ending the current system by which appointments are made mainly internally, a prominent party source told Reuters, asking not to be named.

“I think in the next few months we need to launch a reform of the Bank of Italy’s governance,” 5-Star leader Luigi Di Maio told state television network RAI this week, without giving details.

Orlando said the PD would not back 5-Star if it insisted on trying to limit the central bank’s autonomy in appointments, potentially opening a new source of tension among ruling parties already split on issues from the economy to migrant rights.

The proposals for changes at the central bank are likely to come to a head in a parliamentary committee to be set up early next year to investigate the reasons for the succession of collapses at Italian lenders.

Economy Minister Roberto Gualtieri, from the PD, said on Thursday that the government would clarify “to what extent there have been shortfalls on the part of the supervisor.”

(editing by John Stonestreet)

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Ratings agencies take UK off downgrade watch after Johnson’s win

2/2 © Reuters. The full moon is seen rising behind skyscrapers at Canary Wharf and the London skyline, London, Britain © Reuters. The full moon is seen rising behind skyscrapers at Canary Wharf and the London skyline, London, Britain 2/2

(Reuters) – Ratings agencies Standard & Poor’s and Fitch scaled back their warnings that Britain might suffer a new credit downgrade, saying Prime Minister Boris Johnson’s emphatic election victory last week reduced the risk of a no-deal Brexit next month.

S&P raised Britain’s outlook to stable from negative while Fitch took the country off its rating watch negative list although it kept its broader outlook at negative.

Johnson won a bigger-than-expected parliamentary majority in last week’s election, breaking the deadlock in Westminster over how or even whether to proceed with Brexit. Britain is scheduled to leave the European Union on Jan. 31.

Johnson now plans to pass legislation to prevent the country asking for an extension to a Brexit transition period which is due to expire on Dec. 31, 2020.

Many trade experts say that leaves too little time to hammer out an agreement on future trade ties, raising the prospect of tariffs and other barriers to commerce.

S&P said it expected a no-deal Brexit at the end of next year would be avoided by London asking for more time.

“Despite the government’s current stance, we expect that the UK will seek, and the EU will grant, an extension beyond December 2020 to negotiate the future relationship between the two,” the ratings agency said.

Fitch said the risk of a “cliff-edge” Brexit at the end of next year had not disappeared.

S&P’s sovereign credit ratings for the country stand at AA/A-1+. Fitch affirmed its AA rating.

In November, Moody’s downgraded the outlook on Britain’s Aa2 rating to negative from stable, saying Brexit had been a catalyst for an erosion in the country’s institutional strength.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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