- Prime Minister Theresa May admitted that her deal would be rejected by a ‘significant margin’ if the so-called ‘meaningful vote’ were to go ahead. She called off Tuesday’s vote so she can go back to Brussels to ask for changes to the deal.
- The Prime Minister said she had listened to MPs concerns regarding the Northern Ireland backstop and said she was confident of getting ‘reassurances’ from the EU on the plan.
- Labour leader Jeremy Corbyn accused May of disregarding MPs, ‘losing control of events’ and was granted an emergency debate in the Commons on Tuesday.
- MPs from all sides claimed that the move had denied them the right to have any say in the deal.
- The European Council President Donald Tusk said the remaining 27 EU countries would not renegotiate the deal.
- Sterling hit an 18-month low against the US dollar and its lowest level against the euro since August when the news broke just before Monday lunch time.
- GBP/EUR fell by 1% after it opened at 1.1174, traded a low of 1.1006 and closed at 1.1062
- GBP/USD opened at 1.2703, traded a high of 1.2759,a low of 1.2506 and closed at 1.2559 representing a 1.14% fall on the day.
- UK GDP m/m came in as expected at 0.1% but manufacturing production m/m came in weaker than expected at -0.9% vs 0.0%.
- Australian HPI q/q came in as expected at -1.5%.
- GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.7525, 1.8374 and 142.64.
- PM Theresa May will today travel to have meetings with her European counterparts in the hope of getting concessions on her Brexit deal. She will speak with Dutch PM Mark Rutte and Germany’s Angela Merkel.
- UK average earnings index 3m/y and unemployment data is expected at 9.30am.
- German ZEW economic sentiment is expected at 10am before PPI and core PPI m/m at 1.30pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09:30||GBP||Average Earnings Index 3m/y||3.0%||3.0%|
|10:00||EUR||German ZEW Economic Sentiment||-25.0||-24.1|
|13:30||USD||Core PPI m/m||0.1%||0.5%|