Trump Flies In

On the day that PM May, along with some newly elected cabinet ministers, finally sets out a blueprint for the latest Brexit plans, we also have a 2-day visit by President Trump, who will hold discussions with both May and HRH the Queen. Concerning the Brexit, The main details will focus on the UK’s relations with other nations. Importantly the “practical and principled” plan will, according to new Brexit Secretary Dominic Raab, respect the 2016 Brexit vote, and “will address business”. Both the EU and UK are aiming for an agreement to be made by October, to give enough time for voting on the matter, with everything to be complete by the end of Dec 2020 – the end of the transition phase.

Yesterday saw little in the way of data, from the UK or Europe so the weakening of the Pound saw no opportunity for redemption. Several speeches were made by several EU ministers and by BoE chief, Carney, but these had little effect on the days’ trading rates. Elsewhere Canadian interest rates were, as expected, raised to 1.5% up from 1.25%

Today see numerous inflation figures from the US along with employment data. Industrial production and the ECB monetary policy meeting accounts makes up the releases from the eurozone. At 9:30 in the UK we have the BoE credit conditions survey. With no UK data tomorrow, it could be a good time to take advantage and buy your currency now, locking in a rate for up to two years ahead to prevent your cost from increasing.