Afternoon Market Update – 03/11/2016 – by Jaz Singh

The big news this morning is that the UK government cannot trigger Article 50 without a parliamentary vote following a High Court ruling. The government has appealed this ruling with a hearing expected in December. Off the back of this news we have seen a bout of sterling strength, with cable testing the 1.2450 handle. The FTSE 100 has sold off following this reaching the 6800.00 level. The Mexican peso has regained some of its losses from yesterday as presidential polls remain mixed in the lead up to the vote, with the Dollar Index losing 0.3 percent. Gold has sold off 0.3 percent ending its persistent gains over the last few weeks. WTI has bounced off the $45 level, relieving the losses after yesterday’s inventories data rose by 14.4 million barrels, the largest rise since 1982. We now look to the ECB rate decision this afternoon and the subsequent speech by Mark Carney.