Parliament to be suspended mid-September

Hi everyone,

Plenty to get stuck into after the very warm UK bank holiday weekend!

So yesterday we were trading up 1% across the board on the back of a downing street spokeswoman confirming the changes Government seek with the EU relate to the backstop. This pushed the Pound to the best performing G10 currency over the last week and close to £-$1.23 & £-€1.11 inter-bank levels.

Today we have lost 0.5% on the back of very controversial actions from Boris Johnson. He plans to suspend parliament next month and have the Queen welcome in the start of a new session of Parliament on October 14th, where the Government will set out its new domestic legislative agenda. The DUP supports the decision made and further comment "this will be an opportunity to ensure our priorities align with those of the Government".

There has already been a huge backlash with backbenchers calling it an "outrageous act". House of Commons speaker John Bercow suggesting it to be a "constitutional outrage". SNP leader Sturgeon accusing Boris of "acting like a dictator" and Labour leader Corbyn says he is "appalled at the recklessness of Johnson's Government". This means MPs will unlikely not have enough time to introduce law to block a no-deal Brexit, which was a big factor in Sterling improving recently.

So why has Sterling not plummeted? 

Well it seems the market has factored in a big increase in the chances of a deal being stuck with the EU. The recent meetings with Merkel & Macron seem to have gone well for Johnson. The EU have taken a major step back by acknowledging it is possible to renegotiate part of the withdrawal agreement.

So for now at least, things are looking more promising than ever that a deal will be made. However, if MP's succeed in preventing a no-deal, everything will be back to square one. We promised you fireworks in September and it looks like the next extreme market volatility period is set to begin. 




Upcoming Data

Thursday, 29th August, 2019

06:45 EU - French GDP
07:55 EU - German Unemployment 

09:00 EU - Euro-Zone confidence figures
12:00 EU - German CPI
12:30 US - GDP, personal consumption, trade balance & jobless claims
14:00 US - Pending home sales
23:00 UK - Consumer confidence

Friday, 30th August, 2019

06:00 UK - Nationwide house price index
06:00 EU - German retail sales
08:30 UK - Consumer credit & mortgage approvals
09:00 EU - Euro-Zone CPI
10:00 EU - Italian GDP
12:30 US - Personal income/spending


Dan Waterman
Office Manager

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