- The dip in sterling following the Supreme Court ruling was short lived as the UK currency showed strength against the euro and US dollar yesterday.
- GBP/EUR opened the day at 1.1662 but closed up 0.78% at 1.1753 where GBP/USD closed at 1.2629 which represented 0.87% rally.
- UK PM Theresa May yesterday confirmed that the government will produce a formal document that outlines the UK Brexit plan. The document, or ‘White Paper’ as it will be known, will be available for MPs to scrutinise in ‘due course’.
- It was also announced that legislation which will enable the government to trigger Article 50 will be published today. The government has been forced to draw up this legislation after losing the appeal at the Supreme Court on Tuesday which meant that government must get permission from Parliament before starting the formal Brexit process (BBC News)
- President Trump yesterday signed an order which is will begin plans to build a wall between the US and the Mexico border. Trump said yesterday that ‘a nation without borders is not a nation’ reiterating his intention to crack down on immigration.
- We had inflation data released from New Zealand last night. New Zealand CPI q/q came in at 0.4% vs 0.3% expected.
- Sterling has continued to gain ground on the euro and US dollar this morning. The pound is up a third of a percent against both the euro and the US dollar.
- In terms of data we have Preliminary GDP q/q at 9.30am before US Unemployment Claims at 1.30pm whereas we are expecting Eurogroup meeting to take place throughout the day.