Election trail begins

1 November, 2019

Paul Newfield

So it is the end of an era with John Bercow’s stint as speaker of the house coming to an end yesterday, on the day that the UK was supposed to have left the EU (for the second time), the political parties now attempting to drum up as much support as possible prior to the general election on the 12th December, before the UK’s third and hopefully final exit attempt from the EU on the 31st January 2020.

A bit of minor controversy as perhaps for the first time, President Trump has criticised the current version of the Brexit deal, saying the US “can’t make a trade deal with the UK” in its current form. However, he has also reiterated he believes Jeremy Corbyn would be “so bad” as Prime Minister, throwing full support, unsurprisingly behind Boris Johnson.

Jeremy Corbyn has launched his “radical campaign to transform the UK” and spoke at the Battersea Arts Centre yesterday, with the aim of getting elected and “open negotiations with the EU about a sensible relationship with Europe”. Well received by the Labour supporters in attendance.

In terms of ecostats, yesterday saw a large amount of data from the US in the form of employments and expenditure publications and CPI and GDP figures from the EU. The US stats were largely under expectation or lower than the previous, whilst the EU CPI and GDP were above expectation or at least on par.

What impact did this have on the exchange rates? Well against the euro, sterling rates fluctuated mildly within a quarter cent, proving that ecostats are of secondary importance due to the ongoing Brexit debacle, whilst against the US Dollar, GBP saw a half cent difference throughout the day.

Today we have no UK or EU data with everything squarely focussed on the US, with non-farm payrolls, average earnings, manufacturing, construction and speeches from FED members. For any USD buyers or sellers, today is of particular interest as and significantly negative or positive outcomes from these ecostats will cause fluctuation with how much currency you get for your money, so as ever, do stay in touch with your currency consultant for the latest news and guidance on how to maximise your trades.