Another round of Brexit votes
2 April, 2019
We should have been out of the EU already, one way or another, but here we are 2nd April with another round of votes just concluded. Last night, the MPs voted on four alternative options.
• Customs union
• Common Market 2.0
• Confirmatory public vote
• Parliamentary supremacy
3 of them seeing us stay in the single market and the fourth revoking article 50 completely. The Pound increased by a whole a cent in the afternoon session, as Labour came out in support for Customs Union 2.0. With the Labour MP’s being ‘whipped’ into voting for the three options keeping us in the EU. The result however, same as last time, no clear majority, no further clearer as to what is happening. The result saw the pound lose the afternoon sessions gains and fall to the levels we saw 9am yesterday morning. Worth mentioning too that Nick Boles resigned the conservative whip stating that his fellow party MPs are not willing to compromise. This morning, the PM will head a 5 hour cabinet meeting to decide the next steps, with rumours surrounding a snap election picking up pace.
Before the votes however, there was a series of eco stats, the first being from the UK seeing manufacturing up from previous months figures, giving the Pound an early boost. Up 2.9% on previous month figure to 55.1%. This was followed by USD core retail sales, down on last months figure, seeing the USD falter as trading went on in the afternoon session.
Today we have UK construction PMI at 9.30 followed by USD core durable goods. With the markets still up and rates still good, why not take advantage of our forward contracts if your requirement is further down the line. if you’re hoping to achieve a rate not yet available, why not put in a limit order.
- Sterling had a couple of brief rallies towards the end of last week 22 July, 2019
- Sterling hits lows of 2019 19 July, 2019
- ‘Backstop is dead’ and Sterling is lowest performing currency 17 July, 2019
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