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Yesterday

  • Prime Minister Boris Johnson failed to get enough MPs to vote in favour of a general election yesterday as most Labour MPs abstained from the vote. The PM needed a two thirds majority but fell well short.
  • The opposition parties want a general election but want to make sure they can stop a no-deal Brexit first. PM Johnson said that the reason that Labour did not want the election is because they would lose.
  • A Scottish judge rejected a bid to have Boris Johnson’s plan to shut down parliament ahead of Brexit declared illegal. The case was brought to the Court of Session in Edinburgh by cross-party group of 75 parliamentarians who argued that the PM had exceed his powers.
  • After being voted in favour of on Tuesday evening, the bill headed up by Jeremy Corbyn to force PM Johnson to request an extension from the EU should no deal be achieved the 31st October was moved on to the House of Lords.
  • 21 Conservative rebels were removed from the party for failing to vote in favour of the government on Tuesday night including Father of the House Ken Clarke and former chancellor Philip Hammond.
  • There were concerns that Conservative peers would attempt to filibuster the bill however the parties have agreed not to hold up the bill ruling out no-deal with it set be cleared by Friday and reach royal assent by Monday.
  • GBP/EUR rallied by 0.80% yesterday after opening at 1.1012, trading a high of 1.1109 and closing at 1.1101.
  • GBP/USD rallied by 1.40% following the news from Westminster after opening at 1.2082, trading a high of 1.2256 and closing at 1.2251.
  • UK services PMI came in at 50.6 vs 51.0.
  • Canadian trade balance came in weaker at -1.1B vs 0.2B.
  • The Canadian rate came in as expected at 1.75%.
Overnight
  • The House of Lords agreed to discuss the bill designed to take no-deal off the table before the end of the week.
  • Australian trade balance came in at 7.27B  vs 7.2B expected.
  • GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8003, 1.9227 and 130.76, respectively.
Today
  • We have ADP non-farm employment change at 1.15pm which will be followed by ISM non-manufacturing PMI at 3pm.

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1115 +0.13
GBP/USD 1.2269 +0.14
EUR/USD 1.1037 +0.02
AUD/USD 0.6814 +0.27

 

ECONOMIC CALENDAR
Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
13:15 USD ADP Non-farm Employment Change 148K 156K
15:00 USD ISM Non-Manufacturing PMI 54.0 53.7

 

 

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