Johnson could challenge Benn Act in courts

Hi everyone,

We are just 25-days away from leaving the EU and the days ahead are crucial for both the UK and £. Speculation will be the main market mover until the EU council summit on the 17th & 18th October. It's clear there will be a sizeable jump for Sterling if a deal is agreed or an even bigger move down if we leave without a deal. An extension will slightly increase Sterling but whatever happens after that is unknown. 

The market has pretty much placed in a Brexit extension, but traders are still very nervous of the "come what may" comments from Boris Johnson. The PM is said to be considering legal action if talks breakdown and a deal is not secured with the EU. Currently, the Benn Act bounds Boris to request a Brexit delay by October 19th.

The current deal has all but been rejected by the EU and negotiations are ongoing. Friday 11th is when Johnson needs to table a new plan for European leaders to discuss next week.

It is light data-wise this week until Thursday, where there is important figures for the majors to watch out for.




Upcoming Data


Tuesday, 8th October, 2019

05:00 UK - BoE Governor Carney conference
07:00 EU - German industrial production
09:30 UK - Unit labor costs
18:50 US - FED chair Powell conference

Wednesday, 9th October, 2019

12:00 US - Mortgage applications
15:30 US - FED chair Powell conference 
19:00 US - FOMC meeting

Thursday, 10th October, 2019

00:00 UK - House price index
07:00 EU - German trade balance
09:30 UK - GDP & trade balance
09:30 UK - Manufacturing/construction/industrial figures

12:30 EU - Policy meeting
15:30 US - CPI, jobless claims & average earnings

Friday, 11th October, 2019

00:00 EU - Sovereign debt
07:00 EU - German CPI
13:30 EU - Imp/Exp price index
13:30 US - Durable goods, personal income/spending


Dan Waterman
Office Manager



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