Newsletter – 8th February 2019

Morning Bulletin


  • Prime Minister Theresa May yesterday told EU leaders in Brussels of the ‘binding’ changes she needs to the Brexit withdrawal agreement to get a deal through parliament.
  • The UK prime minister also vowed to deliver Brexit ‘on time’ by 29th March.
  • European Commission President Jean-Claude Juncker again ruled out the changes Mrs May wants to see.
  • Donald Tusk tweeted that there was ‘no breakthrough in sight’ following talks with PM May.
  • Mrs May had said in reference to Tusk’s ‘special place in hell’ comment that it ‘was not helpful’ and had ’caused widespread dismay in the UK’.
  • GBP/EUR climbed by 0.36% after opening at 1.1378, trading a high of 1.1455 and closing at 1.1422.
  • GBP/USD opened at 1.2930, traded a low of 1.2854, a high of 1.2996 and closed at 1.2953 representing a 0.17% increase in on Thursday.
  • The Bank of England’s monetary policy committee voted unanimously to keep the UK interest rate at 0.75%. 
  • The Bank’s statement referenced uncertainty due to Brexit as a factor for its more dovish stance of late however analysts are not ruling out a further rate increase in 2019 just yet.
  • UK President Trump said he won’t meet China’s Xi before the tariff deadline although they may meet afterwards.
  • Japan’s average cash earnings y/y came in better than expected at 1.8% vs 1.7%.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.8262, 1.9154 and 142.04.
  • At 1.30pm we will see employment change and unemployment rate data from Canada
  • PM May will today meet with Irish PM Leo Varadkar in Dublin to update him on her ongoing efforts to get changes to the Brexit withdrawal deal.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1416 -0.05
GBP/USD 1.2931 -0.17
EUR/USD 1.1326 -0.12
AUD/USD 0.7076 -0.33


Time (GMT) Region Data Release Forecast Previous
13:30 CAD Employment Change 6.5K 9.3K
13:30 CAD Unemployment Rate 5.7% 5.6%