This week’s Brexit developments confirmed that parliament would get another ‘meaningful vote’ on or before March 12.
If the deal is again rejected, there will be a further vote on whether to leave the EU with no deal, or to delay Article 50.
The prime minister has insisted any delay should be as short as possible, and that there cannot be any further extensions in the future.
The Labour party meanwhile, said they would table a bid for a second referendum when the ‘meaningful vote’ comes back to parliament.
On the exchanges, sterling has continued its recent rally on the reduced chance of a no-deal Brexit.
GBP/USD gained some further momentum, nudging 1.3350, its highest since July last year, with the focus now moving to the March 12 vote.
GBP/EUR rallied above 1.1700 this week, its highest since May 2017. There is some selling interest building at 1.1800, whilst 1.1550 should provide initial support from here.
|4/3/19||UK Markit/CIPS Construction PMI||50.6||50.4|
|5/3/19||UK Markit/CIPS Services PMI||50.1||50.1|
|5/3/19||UK Markit/CIPS Composite PMI||50.3||50.1|
|7/3/19||UK Halifax House Prices 3Mths/Year||0.8%||0.9%|
|7/3/19||EU ECB Deposit Rate||-0.40%||-0.40%|
|8/3/19||US Nonfarm Payrolls||304k||185k|
|Indices||Previous Close||YTD % Change|
|DFM GENERAL INDEX||2635||+4.15%|
UK Benchmark Rates
|3 month||0.85200%||2 year||1.12%|
|6 month||0.99375%||3 year||1.20%|
|12 month||1.13925%||5 year||1.32%|
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