- The Speaker of the House of Commons John Bercow yesterday told MPs that there will be no ‘meaningful vote’ on PM May’s deal unless a new deal that is not “substantially the same” is brought to the table.
- Mr Bercow cited a convention dating back to 1604 that a defeated motion could not be brought back in the same form during the course of a parliamentary session (BBC).
- BBC Political editor Laura Kuenssberg said that the Speaker’s judgment makes it less likely that Mrs May will ask for a short extension and we will likely see a long delay to the Brexit date.
- According to Bloomberg, Mrs May had been working to put her deal back to the House of Commons for approval by Wednesday, with a vote penciled in for Tuesday. The Speaker’s ruling makes it likely that the prime minister will have to request an extension which could delay Brexit by “9 to 12 months”.
- Junior Brexit Minister Kwasi Kwarteng said on Monday that he believes there is still a chance parliament would approve PM May’s deal this week.
- GBP/EUR opened at 1.1737, traded a high of 1.1749, a low of 1.1636 and closed down 0.45% at 1.1684.
- Sterling also weakened against the US dollar with cable opening at 1.3294 and trading a low of 1.3183 before closing at 1.3253.
- EUR/USD rallied by a tenth of a percent on Monday after opening at 1.1319 and closing at 1.1335.
- Australian HPI q/q came in weaker than expected at -2.4% vs -1.9% expected.
- GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8689 (+0.19%), 1.9341 (+0.02) and 147.57 (-0.08%).
- At 9.30am we expect to see the latest UK average earnings index 3m/y figure. The previous figure was 3.4% and today’s is expected to come in at 3.2%. The UK unemployment rate is expected to be released at the same time.
- German ZEW economic sentiment will be released at 10am.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09:30||GBP||Average Earnings Index 3m/y||3.2%||3.4%|
|10:00||EUR||German ZEW Economic Sentiment||-11.0||-13.4|