Yesterday 18 February 2019
Stories affecting the currency exchange markets
- French president Emmanuel Macron is ready to give Britain legally binding assurances that the Irish backstop clause in the Brexit withdrawal agreement is temporary, according to The Times.
- Seven MPs announced their resignation from the Labour party yesterday citing frustration over Labour’s approach to Brexit and allegations of antisemitism within Labour as their reasons for leaving.
- The MPs – Chuka Amunna, Luciana Berger, Chris Leslie, Angela Smith, Mike Gapes, Gavin Shuker and Anne Coffey – also announced their new group called The Independent Group which they claim will represent a ‘new alternative’ politics. The group is not a registered political party.
- EU Brexit Minister Barnier said he is open to the principle of a customs union should the UK want it.
- Irish foreign minister Coveney said there is no appetite within the EU to revisit the withdrawal agreement. He added that the area of manoeuvre on backstop assurances would be in the declaration on future ties.
- GBP/EUR opened at 1.1411, traded a high of 1.1452, a low of 1.1407 and closed at 1.1425 representing an increase of just over a tenth of a percent on Monday.
- GBP/USD gained a quarter of a percent on the day after opening at 1.2909, trading a high of 1.2938, a low of 1.2892 and closed at 1.2918.
- GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.8171, 1.8924 and 143.08, respectively.
- UK average earnings index 3m/y came in weaker than expected at 3.4% vs 3.5%.
- The UK unemployment rate met expectations at 4.0%.
- At 10am we expected German ZEW economic sentiment to come in at -14.1.