houses of parliaments

MPs Vote on Delaying Brexit

15th March 2019 Market Update

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🇬🇧 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 tabled by backbencher Hilary Benn which would have enabled parliament to take control of parliamentary business and the Brexit process was narrowly defeated by two votes.

Theresa May is now attempting to rally support from her party before a third vote on her deal this week. There are murmurs that the DUP may vote with the government along with the ERG next week. There are now concerns that an extension could lead to a soft Brexit or no Brexit at all.

🇪🇺 EUR – European CPI is released this morning and expected to come out at 1.5%, the same as the previous reading. This follows on from yesterday’s CPI figures. Germany’s came in slightly below market expectations at 0.4% and France’s came out in line with expectations at 0.0%.

🇺🇸 USD –  There was no significant data out from the US yesterday. Trump waded into the Brexit foray, by criticising Theresa May’s negotiation strategy. He did however go on to say that he looks forward to arranging a bilateral trade agreement. Prelim University of Michigan consumer sentiment is generally forecast to increase compared to the previous reading. This could give some dollar strength.

 

Summary:
GBP:Parliament vote to extend Brexit deadline
EUR:German Inflation Drops in February
USD:Consumer sentiment forecast to improve

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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