The Independent Group growing, pressure on Corbyn
22 February, 2019
Sterling lost grounds overnight but managed to recover yesterday off the back of some bad news coming out from Europe. Germany’s Release of its CPI and PMI came in below expectation. Euros PMI also came in lower the expected giving the pound some chance to pull back. Still sitting at some of the best rates we have seen since January, and with the current Brexit uncertainty it is still a good level to be thinking about booking rates ahead of time and securing your currency mitigating the risks ahead.
Mario Draghi, the president of the European Central Bank, set to speak today at 15:30.
Canadian Retail Sales Index set to be released mid say at 13:30. Expected to come in slightly higher than previously planned why the market has already accounted for the predicted drop meaning it should have a positive movement on the CAD.
Theresa May is warned over the risk of having dozens of previously loyal Tory MPs rebelling against her own government in an attempt to extinguish a risk of a no-deal Brexit. So far the number of MPs expected to rebel are as high as 30. But of course May has re-enforced her desire for Britain to leave on the 29th of March as planned.
The Independent Group
So far 12 MPs have joined The Independent Group. 9 Labour MPs have resigned from their post within their party and followed suit to join the IG. Also, 3 Tory MPs have left their party to join the newly formed “Centralist Group”.
With all this uncertainty then make sure you keep in close contact with your broker. Closing in on the final deadline towards Brexit and all options still in scope, only adds more risk to little reward. Ask your currency specialist about options we have available such as Forward contracts to secure your self into a rate protecting your self from the downwards risk.
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