Significant week for British politics

Hi everyone,

So we have arrived at the first of three major hurdles, where we will tomorrow see a new British Prime Minister installed. There has been talk amongst traders of a slight 'Boris bounce', where the Pound could improve its position if Johnson is victorious. However, over the weekend a number of key figures within Government announced they are prepared to step down if Boris wins. This will undoubtedly reflect poorly on Sterling if there is a step down of positions such as the Chancellor of the Exchequer Philip Hammond.

According to the Times newspaper, EU officials now believe a no-deal exit is the most likely outcome. They go on to say that the European Commission have been drawing up a multibillion pound aid package for Ireland to offset the economic damage of a no-deal.

Sterling actually made some ground against the Euro towards the back end of the week with surprisingly strong retail sales mixed with poor German data. The pair will now await tomorrows decision before making any real movements and look out for the key data being released Wednesday & Thursday this week if you have imminent payments. 




Upcoming Data


Tuesday, 23rd July, 2019

10:00 UK - CBI trends 
14:00 US - Existing home sales
14:00 EU - Euro-Zone consumer confidence

Wednesday, 24th July, 2019

07:15 EU - French PMI
07:30 EU - German PMI
08:00 EU - Euro-Zone PMI
08:30 UK - House purchase loans
11:00 US - Mortgage applications
13:45 US - PMI
14:00 US - New home sales

Thursday, 25th July, 2019

08:00 EU - German climate expectations
11:45 EU - ECB interest rate decision
12:30 EU - ECB conference
12:30 US - Durable goods, trade balance & jobless claims

Friday, 26th July, 2019

06:00 EU - German IPI
08:00 EU - ECB survey
12:30 US - GDP, income & consumption


Dan Waterman
Office Manager

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