- EU officials have said that they would work non-stop over the weekend if ‘acceptable’ ideas were proposed by the UK by Friday to solve the issue of the Irish backstop.
- The UK has already said ‘reasonable’ proposals that will satisfy MP’s concerns about being tied to EU rules had already been made. (BBC News)
- Labour leader Jeremy Corbyn met Conservative MPs to discuss alternatives to the Mrs May’s deal in the event that is rejected again by parliament. Corbyn has stated that a ‘no-deal’ Brexit must avoided at all costs.
- The Guardian reported that tariffs on 80-90% of goods would be reduced in the event of a ‘no-deal’ Brexit although no further details were published.
- The DUP’s Brexit spokesperson has told MPs at Westminster that DUP MPs would vote for Mrs May’s deal if a time limit was applied the Irish backstop as it would effectively remove it from the withdrawal agreement. He also said that a no-deal is better than May’s current deal.
- From the US, ADP non-farm employment change came in weaker than expected at 183K vs 190K expected.
- Canadian trade balance came in worse than expected at -4.6B vs -2.4B expected.
- Overnight rates in Canada were held at 1.75% and Ivey PMI came in weaker at 50.6 vs 55.1.
- GBP/EUR opened at 1.1650, traded a high of 1.1656, a low of 1.1603 and closed at 1.1648 (-0.05%).
- GBP/USD opened at 1.3178, traded a high of 1.3181, a low of 1.3124 and closed at 1.3170 (-0.06%).
- US President Donald Trump said US-China trade talks are going well and the countries will emerge with a good deal or no deal at all.
- Australian retail sales m/m came in weaker than expected at 0.1% vs 0.3%.
- The Australian trade balance came in better than expected at 4.55B vs 2.85B.
- GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8696, 1.9414 and 147.16, respectively.
- The ECB is expected to keep rates at 0.00% at 12:45 today.
- The monetary policy statement will be released at the same time and will be followed by the ECB press conference at 1.30pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|12:45||EUR||Main refinancing rate||0.00%||0.00%|
|12:45||EUR||Monetary Policy Statement|
|13:30||EUR||ECB Press Conference|