Key week for Brexit talks
11 February, 2019
Last week Theresa May has done the rounds as she has been frequently, visiting both her counterparts in the EU trying to find a solution to the ongoing Backstop issue. Needing to provide an update to parliament this week, her job was made harder with comments made by Tusk saying, “there is a special place in hell” aimed at Brexiteers without a plan. The rate has remained within a tight range over the last week, and any upturn in fortunes will be determined by the fate of Brexit talks. However, as we have seen any negative news won’t take long to send the rates back down.
In a hit to the UK economy, growth was downgraded, lowest since the recession. Which saw the rates fall by half a cent before late recovering. Yet to be seen how and if we have a no-deal Brexit, what the state of the UK economy will be. With no trade deal, will the UK enter another recession?
In further developments over the weekend, the ferry deal with Seaborne Freight was cancelled over the weekend. Having already faced criticism for selecting a company that has never run a ferry service. However, the hopes would be that finding a replacement won’t be required and a deal could be struck sooner than later.
This week we will see further talks and any Brexit news will be ongoing. There is a raft of eco stats out as there is this time of the month.
9.30 UK GDP and Manufacturing
13.00 BOE Carney Speaks
17.45 USD Fed Chair Powell speaks
9.30 UK CPI
13.30 USD Core Retail Sales
9.30 GBP Retail Sales
With another key week ahead of us, stay in touch with your account manager to be kept up to date.
- 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
- No categories