May's new Brexit

Hi everyone,

After an initial rally following Theresa May's press conference yesterday, the Pound found itself retreating quickly as MP's were quick to shoot down the deal. £-$ rates have hit a 4-month low and chances of a no-deal Brexit have jumped up to 50%. 

The PM is under serious pressure to abandon the deal and resign and analysts are now predicting this outcome. The results to the European Parliament elections will undoubtedly see the Nigel Farage's Brexit Party perform well. And if the polls are to be believed, combined support for the two main parties could be at the lowest levels ever recorded.

The next two weeks could prove very difficult for any £ sellers, so prepare for potentially lower exchange rates and think about hedging before is possible. 




Upcoming Data


Wednesday, 22nd May, 2019

18:00 US - FOMC Meeting minutes

Thursday, 23rd May, 2019

00:00 EU - European parliamentary elections
06:00 EU - German GDP
07:15 EU - French PMI
07:30 EU - German PM
08:00 EU - Euro-Zone PMI, business climate/expectations
11:30 EU - ECB minutes
12:30 US - Jobless claims
13:45 US - PMI
14:00 US - New home sales

Friday, 24th May, 2019

08:30 UK - Retail sales
12:30 US - Durable goods


Dan Waterman
Office Manager

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