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Based out of Auckland, New Zealand, we bring an institutional trading experience to the retail market.

Introducing Monday Meetings

BlackBull Markets are excited to introduce a new video series: Monday Meetings. This will be a weekly series in which we discuss in depth the movements of various markets throughout the week, featuring our expert analysts Andre De Almeida, Philip van den Berg, and Anish Lal.

Hosting this brand new series is Kyle Quindo. Watch the video here, and read Kyle's summary of this week’s discussion below:

Shocking News of UK Chancellor Resignation leads to Spike in GBP/JPY

In a surprising move for the British government, it has been revealed that Chancellor of the Exchequer Sajid Javid has resigned after he refused Prime Minister Boris Johnson’s order to fire five of his senior aides. He has been replaced by Rishi Sunak, and various other members of the Treasury cabinet have also been replaced as well.

The Chancellor’s office is one of the most powerful in the British parliament, only below that of the Prime Minister, and is in charge of all economic and financial matters relating to the United Kingdom.

Mr Javid served as Chancellor for only 7 months, having been appointed by the Boris Johnson cabinet after the Conservative government victory in July 2019. He was just 26 days from delivering his first budget proposal, and is one of the few Chancellors to not have delivered a budget proposal during his tenure. His time as Chancellor is one of the shortest since the Second World War.

In contrast to Mr Javid, Rishi Sunak is a relative newcomer to the political sphere, previously serving as a junior housing minister. His promotion to Chancellor makes him one of the fastest rising politicians in recent British political history.

He said to be a firm believer in Brexit and one of Boris Johnson’s favourite ministers, having filled in for him in a seven-way debate before the general election last December.

In terms of the effect that this move will have on the GBP, analysts suggest that Sunak’s appointment will lead to greater government spending, in order to stimulate the economy and boost growth post Brexit. Due to his relative inexperience, and with the budget proposal closing in rapidly, Mr Sunak is expected to receive major advice from Johnson’s advisors.

The market certainly seems to have reacted like next month’s proposal will include a fiscal stimulus, as immediately following this news the Pound Sterling surged against the Japanese Yen, rising from 142.29 to a high of 143.45.

Philip van den Berg at BlackBull Markets gives a more detailed analysis on the possible short term trade opportunities for the Pound/Yen here:

Make sure to also follow us on Instagram at blackbull_markets and Twitter at @blackbullforex.

GBP/JPY Volatile Post Brexit

The start of last week saw the GBP pulling back in the market as concerns over the coronavirus spread. However, by the end of the week with the reveal of the Bank of England deciding to keep its interest rate unchanged, the Pound rose sharply, reaching a high of 143.25 against the Yen.

Following the official exit of the UK from the European Union on Friday, there was a minor gap of 30 pips, which was quickly filled after the markets opened.

As the Pound closed the week on a bullish trend, we could see it continue to trend upwards this week. A lot of movement can also be expected throughout the week as the Non-farm payroll (NFP) approaches, one of the most important events of the trading month.

Our Alchemist Trader Andre had this to say about the Pound/Yen’s potential movement for the week:

“GBPJPY - Price is trading within the consolidation zone of 144.500 - 141.000. The price has rejected the 50% Fibonacci zone 4 times at 144.500 and is now trading at 142.800. We could see prices moving to the up side retesting that zone again, and breaking that we could see prices going to 148.000. Rejecting 144.500 we could see prices going back to 141.000, and breaking this level we could see prices going to 139.400.”

For Andre’s full analysis watch his video here, or on Instagram at blackbull_markets.

The UK officially left the European Union on Friday, after 47 years of membership, and more than 3 years after its vote to do so. There were still mixed feelings amongst UK citizens as some celebrated, while others protested. Thousands of people gathered in Parliament Square to listen to speeches and sing songs, while there were protests, rallies, and candlelight vigils from those opposing the decision.

Sources: BBC