Newsletter – 10th January 2019

Morning Bulletin


  • Theresa May suffered another blow yesterday after losing a Commons vote which means that ministers will have to provide details of a ‘plan B’ within three days should the Prime Minister’s Brexit deal fail to pass through Parliament.
  • House of Commons speaker John Bercow was accused of breaking precedent and ignoring the advice of officials when he approved a vote on the Prime Minister’s ‘Plan B’ response. Bercow agreed to allow a vote on an amendment to a government motion tabled by Dominic Grieve.
  • UK retailers Debenhams and M&S recorded fall in sales over the crucial Christmas period. Debenhams said sales fell by 5.7% and M&S said sales fell by 2.2%. John Lewis said their sales were up however they also warned that staff might not receive bonuses for the first time since 1953.
  • US president Trump walked out of talks with Democratic leaders as negotiations broke down on the 19th day of a partial US government shutdown. Nancy Pelosi and Chuck Schumer stuck by their refusal to fund the US-Mexico wall. Trump called the meeting a ‘waste of time’ and Democrats accused the president of throwing a ‘temper tantrum’. 
  • Canadian rates came in at 1.75% yesterday as expected.
  • GBP/EUR opened at 1.1111, traded a low of 1.1061 and closed at 1.1079 representing a drop of a third of a percent on the day.
  • GBP/USD opened at 1.2713 and traded a high of 1.2803 before closing at 1.2787. 
  • GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.7776, 1.8809 and 137.96, respectively.
  • According to the BBC the government is considering giving extra protections to workers and the environment in order to win support as put forward by Labour Leave supporter John Mann. Labour leader Jeremy Corbyn maintains that a general election is the most clear way forward to break the Brexit deadlock.
  • Data is thin on the ground today however we will hear from FOMC member Bullard, Fed Chair Powell and FOMC member Evans over the course of the day.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1073 -0.05
GBP/USD 1.2759 -0.22
EUR/USD 1.1521 -0.18
AUD/USD 0.7180 +0.13


Time (GMT) Region Data Release Forecast Previous
12:30 EUR ECB Monetary Policy Meeting Accounts
17:40 USD FOMC Member Bullard Speaks
17:45 USD Fed Chair Powell Speaks
18:00 USD FOMC Member Evans Speaks