EU want withdrawal agreement before extending article 50

Hi everyone,

It has been 4-days in a row that Sterling has slipped with today seeing the biggest drop across the board. This is because chances of a no-deal Brexit are growing. 

EU leaders are currently discussing Theresa May's request for a Brexit delay and there have been a few interesting comments made before the meeting today. The main being from President Macron who suggested 'If MP'S reject the agreement, we will be going to a no-deal'.

Now this is significant because it implies there is no other deal available from the EU. So it looks like the only way an extension will be granted is if MP's support the deal, call for an election or another referendum. May's 90-day extension will surely fail because the EU will not want talks beyond the European elections. 

May will bring the deal back to the commons early next week, where that vote will be the biggest one yet. She will be hoping that the imminent risk of a no-deal Brexit will force MP's to pass her deal, but still this looks unlikely. 

Sterling is expected to perform around current levels until the vote next week, but may yet dip below important psychological barriers of £-€1.15 & £-$1.30 mid-market rates. 




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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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