DailyFX European Market Outlook: Brexit talks begin the long process of negotiation

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Brexit talks begin in earnest on Monday June 19th when EC Chief negotiator Michel Barnier meets with his UK counterpart, David Davis in Brussels. On the slate will be discussions over the UK divorce bill from the EU, the rights of UK citizens in the EU, and vice versa, and the Northern Irish border. A press statement is expected later in the afternoon.

The German economy is on a roll and the future continues to look rosy, according to last month’s Purchasing Managers’ Index which hit a 6-year high of 57.4 GDP, when German GDP was running around 3.8%. German growth is currently seen between 1.7% and up to 2% this year which may mean that the recent PMIs are running a touch hot.

Oil continues to fall and is on track for its forth consecutive week of losses as US Shale producers redeploy rigs and up production. US Crude is close to a couple of important support levels and further output could see the market fall further. In mid/late-January 2016, US Crude traded below $28/brl.

Bitcoin continues its roller-coaster ride, crashing sharply lower on Thursday before dusting itself down and pushing higher again. Thursday frantic sell-off saw one major Bitcoin exchange temporarily suspend trading, a worrying sign in this nascent market. History however is on the bulls side with sharp sell-offs normally attracting buyers back into the fold.


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