Brexit setback for May

Hi everyone,

Sterling is in the red today and rates have returned to where they were trading at 2-weeks ago.

We were due to await an outcome on what the DUP would do at the next ballot before Sterling made it's next move. However, house speaker John Bercow has just addressed MP's with this statement 'If Theresa May wants to hold a 3rd or even 4th vote, the deal will need to have substantially changed'. Now this throws a spanner in the works on this weeks expected events, as a vote tomorrow now looks unlikely.

So, either Theresa May comes back with a completely new deal or it looks like a probable 9-month delay on Brexit will happen. Remember, although the House of Commons voted to not allow a no-deal Brexit last week, this is not legally binding, meaning no-deal is still (barely) on the table too. The market will be very volatile over the next 48 hours while everyone speculates on what is going to happen next. 

It's an interesting week data-wise with all the majors announcing some key figures. Sterling looks set to gain slightly if all goes to forecast and has already reacted favourably to John Bercow's statement. 




Upcoming Data


Tuesday, 19th March, 2019

09:30 UK - Average earnings & unemployment rate
10:00 EU - Euro-Zone & German economic sentiment
14:00 US - Factory & durable goods orders

Wednesday, 20th March, 2019

07:00 EU - German PPI
09:30 UK - CPI, RPI, PPI & House price index
11:00 US - Mortgage applications
18:00 US - FOMC rate decision

Thursday, 21st March, 2019

09:00 EU - ECB publishs economic bulletin
09:30 UK - Retail sales, net borrowing & public finances
12:00 UK - BoE rate decision
12:30 US - Initial jobless claims
15:00 EU - Euro-Zone consumer confidence

Friday, 22nd March, 2019

08:30 EU - German PMI
09:00 EU - Euro-Zone PMI
13:45 US - PMI
14:00 US - Existing home sales
18:00 US - Monthly budget statement


Dan Waterman
Office Manager

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