Market Report Brexit Bill

9 February, 2017

Grace Rae

Yesterday was a quiet day in the way of economic data releases. However, we did see some movements in rates as we approached the final day of the Brexit bill debate for MPs. The bill will allow the UK Government to begin formal procedures to leave the European Union.

Voting closed at 20:00 last night and the draft legislation was approved with votes in at 494 to 122. The bill will now be passed through to the House of Lords to be read and debated further before a final vote and decision are made towards the end of this month. Then overnight New Zealand released their latest interest rate decision and Monetary Policy Statement. Leaving rates unchanged as expected at 1.75%.

Today again is a relatively quiet day for economic data. This morning we have a variety of European data, then this afternoon we have US Initial Jobless Claims followed by Canada New Housing Price Index, both at 13:30.

With Article 50 yet to be invoked (which is expected to be early March) there is undoubtedly still a lot of uncertainty ahead which could cause some significant movements in the rates as exit negotiations take place. With this now being only a few weeks away, if you have an upcoming requirement, or if you are concerned about what’s to come, then make sure you get in touch with you CI account manager to discuss the various options we can provide you to secure your currency and avoid any costly disappointment.