Sterling holds its breath

Hi everyone,

So it's a huge day with two key events happening that will undoubtedly move the market. We are due to hear comments from the EU on Boris Johnson's new set of Brexit plans. Then the PM takes centre stage to deliver his speech at the Conservative party conference. 

The Telegraph claim to possess the leaked documents which propose a special relationship for Northern Ireland in the EU until 2025. The Guardian is reporting that the DUP are 'content' with the plan and believe it will pass Parliament. 

Johnson has said the plan is his "final offer" to the EU. The deal will be debated and either passed or rejected on October 17th at the European Council summit. We expect Sterling weakness in the build up to this date, as expectations for a no-deal rise.

The Conference speech will be analysed on how Boris positions himself on the issue of taking the UK out of the EU. The 'take it or leave it' offer will put significant pressure on the EU and he is expected to warn of grave consequences if Brexit is not delivered. 

The Pound currently sits a 2-week low against the Euro and a 3-week low versus the US Dollar. 




Upcoming Data




Wednesday, 2nd October, 2019

12:00 US - Mortgage applications
13:15 US - Employment change

Thursday, 3rd October, 2019

09:00 EU - Euro-Zone PMI
09:30 UK - PMI
10:00 EU - Euro-Zone retail sales
13:30 US - Jobless claims
15:00 US - Manufacturing/services, durable goods & factory orders

Friday, 4th October, 2019

00:00 EU - French debt figure
08:30 EU - German construction
13:30 US - Unemployment rate, average earnings & trade balance
19:00 US - FED Powell conference


Dan Waterman
Office Manager

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