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  • The backlash over Prime Minister Theresa May’s latest iteration of her Brexit plan continued yesterday as she faced widespread criticism from her own MPs but continues to resist, at the time of writing at least, calls to resign.
  • Leader of the House of Commons Andrea Leadsom resigned last night stating that she no longer believed that the government’s current approach will deliver Brexit. In her resignation letter to the prime minister, Leadsom said she did not believe “the UK would a truly sovereign United Kingdom through the deal that is now proposed”. She went on to describe the possibility of a second referendum as “dangerously divisive”.
  • In response to Andrea Leadsom’s resignation, Theresa May disagreed with Leadsom’s assessment of the government’s approach to Brexit and said she was sorry to lose someone of Mrs Leadsom’s “passion, drive and sincerity”.
  • Members of the Conservative backbench 1922 Committee held a secret ballot on whether to change party rules that would allow the prime minister to face a second vote of confidence despite only have faced one fewer than 12 months ago, which cannot happen under current rules. The results are currently in sealed envelopes and will be opened on Mrs May does not agree to stand down by 10th June.
  • GBP/EUR recorded its 13th consecutive day of losses yesterday. The market opened at 1.1380, traded a low of 1.1313 before closing at 1.1352 representing a 0.28% fall on the day.
  • GBP/USD is also at it’s lowest level since January with the market closing the day at 1.2658. It opened at 1.2704 lost 0.36% over the course of Wednesday.
  • UK CPI y/y came in weaker than expected yesterday with a figure of 2.1% vs 2.2% expected. PPI input m/m came in as expected at 1.1% and public sector new borrowing also came in roughly as expected at 5.0B vs 5.2B.
  • From Canada, retail sales data beat expectations with core retail sales m/m producing a figure of 1.7% vs 0.8% and retail sales m/m coming in at 1.1% vs 0.8%.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading 1.8345 (-0.24%) , 1.9416 (-0.34%) and 138.96 (-0.56%).
  • Eurozone flash manufacturing PMI came in at 47.7 vs 48.2 and flash services PMI came in at 52.5 vs 53.0.
  • German Ifo business climate data came in slightly weaker than expected at 97.9 vs 99.2.
  • European election voting begins across the UK this morning. Votes will elect 73 MEPs from 12 constituencies. Voting stations will be open until 10pm this evening and the results will be announced once the other European countries have completed their elections – this is expected to be by 10pm on Sunday.

Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1325 -0.25
GBP/USD 1.2611 -0.37
EUR/USD 1.1136 -0.13
AUD/USD 0.6870 -0.16


Current at time of distribution


Time (GMT) Region Data Release Forecast Previous
12:30 EUR ECB Monetary Policy Meeting Accounts
23:45 NZD Trade Balance 450M 922m
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