- GBP/EUR pushed up to its highest level since April 2018 yesterday – the market opened at 1.1478, traded a high of 1.1557 and closed at 1.1553.
- GBP/USD opened at 1.3068, traded a high of 1.3094, a low of 1.3012 and closed slightly down on the day (-0.04%) at 1.3062.
- The Queen yesterday urged people to find ‘common ground’ and to respect ‘different points of view’ in what has been regarded as a comment on the Brexit debate. BBC royal correspondent Nicholas Witchell said there was little doubt the Queen was ‘sending a message’. (BBC News).
- Some EU countries are pushing for the EU’s no-deal legislation to be more generous the UK. The European Commission has proposed that arrangements on aviation and road haulage be introduced in the event of a ‘no deal’ which would allow British truckers to carry goods into the EU and British airlines to fly in and out of the EU from March 29th to 31st December.
- The DUP are reported to have agreed to back Theresa May’s plan B in private should the widely-disliked Irish backstop be specifically time-limited.
- Eurozone flash manufacturing PMI came in at 50.5 vs 51.5 expected yesterday and flash services PMI came in at 50.8 vs 51.5.
- The ECB kept rates at 0.00% as expected.
- GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8411 (-0.01%), 1.9307 (-0.06%) and 143.69 (+0.33%), respectively.
- Chancellor Phillip Hammond said that a no deal Brexit would cause ‘significant disruption’ for the UK the in the short term. He said the economy would take a ‘significant hit’ in the medium to long term. He stated that the impact of a no deal is ‘not what the people voted for’ and refused to rule out resigning if that outcome came to pass.
- German Ifo business climate came in weaker than expected at 99.1 vs 100.7.
- It is a quiet day on the economic data front.
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