Posts Tagged ‘BREXIT’
Brussels rejects UK’s Brexit proposal
STERLING After the EU rejected Prime Minister Theresa May’s Chequers plan for Brexit last week, May is being urged to look further afield and create world trade deals that could boost the UK economy by £80billion a year. Further, Brexit Secretary Dominic Raab has stated that if the EU do not agree to a…
Read MoreTrump vows ‘great’ post brexit trade deal with UK
STERLING Justine Greening, the former education secretary, has said the idea of a second referendum on Brexit would be supported by senior Tory MP’s. According to Greening, Prime Minister May’s Brexit whitepaper ‘’suits no one’’ and would be rejected by both remainers and leavers. Brexit and the accompanying political uncertainty weighed on the pound last…
Read MoreSterling rallies after David Davis resigns as Brexit Minister
STERLING UK’s Brexit minister David Davis resigned over the weekend and Davis’ move spurred other hard-liners within the UK’s Brexit branch to resign as well, although it has not weighed much with GBP/USD advancing above 1.33 this morning. Theresa May’s latest proposal for a soft Brexit is expected to face heavy challenges from Tory conservatives…
Read MoreHard Brexit or sacrifice UK sovereignty?
STERLING Sterling finished last week on the front foot, rallying on Friday after UK Q1 GDP was revised slightly higher. GBP/USD had touched its lowest level since November last week but bounced back above 1.32 on Friday, although it has retreated to around 1.3150 this morning. Brexit concerns are rearing their heads again after weekend…
Read MorePrepare for the World Economy’s Most Important Week of the Year
This week could be the most important week of the year for the global economy according to Bank of America, as President Trump meets Kim Jong-un, MP’s vote on the Brexit bill along with the Fed, ECB and BoJ all meeting. STERLING Theresa May’s flagship Brexit legislation returns to the lower House of Commons after…
Read MoreSterling slides on Rudd's resignation
STERLING Sterling fell sharply on Friday after data showed the UK economy almost came to a standstill in the first quarter, posting a GDP print of just +0.1% quarter-on-quarter versus forecasts for a gain of +0.3%. The data has dampened expectations for an interest rate increase at the Bank of England next month to less…
Read MoreBrexit negotiations hit roadblock over Irish border issue
STERLING Sterling traders were kept on their toes last week with a flurry of tier-one data releases and central bank rhetoric. The pound was already on the defensive following soft prints for UK wages, CPI and retail sales but lost further ground after comments from Bank of England Governor Carney on Friday. He noted that…
Read MoreTheresa May is stepping up plans to tackle the Irish border question in Brexit talks
STERLING Sterling struggled to sustain any upward momentum last week despite some positive Brexit headlines. Over the weekend, the Financial Times said Prime Minister Theresa May was planning a customs partnership to unlock the Northern Ireland dilemma although we are yet to see anything concrete. PMI surveys could steal the spotlight this week, as investors…
Read MoreMarket News – Sterling climbs on Brexit transition deal hopes
STERLING News this morning has broken that the UK and EU have agreed a transition deal for Brexit up until the end of 2020, although the deal needs to be signed off from Michel Barnier and David Davis. The Pound has reacted well, making advances against most of its G10 peers. Sterling traders will be…
Read MoreMarket News – Road to Brexit
STERLING Sterling has begun the trading week with a minor bid tone. Brexit developments last week were less than supportive, and it has been reported over the weekend that the EU will be intentionally vague with its Brexit guidelines due for release tomorrow to force UK to explain what it wants from negotiations. Meanwhile, the…
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