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MPs Reject Brexit Options

2nd April 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Another vote and another disappointment with MPs unable to agree to the indicative votes yesterday evening. The four options on the table were for a Common Market 2.0, a customs union with the EU, a confirmatory public vote and parliamentary supremacy; all of which were unequivocally voted down in the commons last night causing sterling to lose the gains it made yesterday. The pound currently […]

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Soft Brexit to Split Tories

1st April 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Brexit uncertainty dominated sterling moves throughout March with the currency trading on average in a 3% range against most of its counterparts. Last week we saw no clear conclusion on the first round on indicative votes on an alternative Brexit as well as Theresa May’s withdrawal agreement being voted down on Friday. On the data front fourth quarter growth figures were revised marginally higher to […]

bank of england

MPs Vote on Withdrawal Agreement

29th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Sterling fell to its lowest for this week as the government prepares to hold another Brexit vote today. It does not look like it will be a third Meaningful Vote but a plan to vote on the withdrawal agreement only, which may well be enough to satisfy the EU to extend Article 50 to 22nd May. The vote is scheduled for 2.30pm. The withdrawal agreement […]

houses of parliaments

Parliament fails to seize its moment

28th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Sterling had a pretty volatile day yesterday trading versus the dollar and the euro in a 1% range between its high and low. Sterling picked up towards the end of the day as Theresa May announced she will quit as PM if her deal is approved. However, comments made by the DUP that they will still not support her deal and events last night when […]

May Under Pressure to Quit to Get Deal Through

27th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  So, a bit of excitement yesterday with the monthly UK mortgage data which initially came out at 9.30am showing the worst reading in mortgage approvals since 2013 – a slump to 35,299. However, by 5pm UK finance reported an anomaly in the release of this data and revised the figures to show that 39,083 home loans were reported in February. However, the data had little […]

houses of parliaments

MPs Seize Control of the Commons

26th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  There was a lack of data from the UK yesterday, however there were Brexit developments – although these had minimal impact on the exchange rates. MPs voted in an unprecedented move to take control of the parliamentary timetable. This means on Wednesday MPs will be able to put forward their own motions relating to Brexit, and there will therefore be a series of votes on […]

PM Urged to Quit

25th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Sterling finished the week marginally lower in what proved to be tumultuous week for Brexit and UK politics. To summarise, the EU have proposed for an extension of Article 50 until the 22nd May providing parliament approve a withdrawal agreement by the end of this week. Failure to do so and the extension will be rolled in to the 12th April at which point the […]

Brexit rolls on

22nd March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Yesterday morning retail sales came out above market expectations at 0.4%. The market had been expecting negative data, so the fact it came out as positive shows the retail sector has remained resilient despite the uncertainty surrounding Brexit. The Bank of England’s monetary policy committee unanimously voted to keep interest rates at 0.75% yesterday. Economic data has been rather mixed, with low unemployment and high […]

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Brexit Extension in Focus

20th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  The UK’s ILO unemployment rate surprised the market and slid to a 44 year low in the three months from January 2019. Average earnings also picked up and kept the pound stable yesterday morning. However, Sterling fell off slightly throughout the day, as markets learned of a letter sent by UK PM Theresa May to EU council President Donald Tusk, outlining why the UK wants […]

Bercow Deals Blow to the PM

19th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Theresa May took a heavy blow yesterday after House of Commons Speaker, John Bercow, warned that the PM cannot bring the same motion to back to the Commons again to vote on. He stated that the deal must be “fundamentally different” and thus something new must be agreed with the EU. A vote was pencilled in for Tuesday however Bercow’s ruling now decreases May’s chances […]

Brexit and the Fed in Focus This Week

18th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Sterling had a volatile week following a string of Brexit votes last week. On Tuesday we saw, unsurprisingly, Theresa May’s deal get voted down for the second time; Wednesday we saw Parliament reject a no deal Brexit and on Thursday, parliament voted to show their support for a delay in Article 50 being triggered. Sterling finished the week broadly higher and remains near multi month […]

houses of parliaments

MPs Vote on Delaying Brexit

15th March 2019 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP –  Parliament yesterday voted to extend Article 50 past 29th March as was expected. However, this went through due to support of opposition parties as a significant proportion of Conservative MPs (including Brexit Secretary Stephen Barclay and six other cabinet ministers) voted against the government’s motion. An amendment for another for another referendum was defeated as the Labour MPS were ordered to abstain. A further amendment […]