Foreign Exchange Daily Market Update 04/10/18

Thu, October 04, 2018

May prepares to push Brexit deal through parliament.

Theresa May’s officials are drawing up plans to push her Brexit deal through Parliament to avoid a rebellion from her own party.

The Prime Minister’s team want the final withdrawal agreement approved by lawmakers within two weeks of signing the terms of the divorce in Brussels. Under that timetable, members of Parliament would vote on whether to accept or decline the divorce treaty by the beginning of December.

Fast-tracking the deal through the House of Commons is likely to be controversial, and will open May up to allegations that she’s denying lawmakers the chance to scrutinize the terms of Britain’s exit from the EU, but the payoff for the government will be in curbing the opportunities for rebels to try to block the deal

Reaching a deal quickly ministers believe it will be vital in allowing enough time in the parliamentary calendar to pass vital legislation before the Britain leaves the EU on March 29.

After months of bouncing from one crisis to the next, the PM needs to seal the deal or risk getting ousted. she needs to face those who want a clean break as well these that want another referendum.

Theresa May survived her Conservative Party’s annual conference largely unscathed, despite a new attack on her proposed deal from Brexit-backing rival as Boris Johnson. Now senior officials and negotiators on both sides are embarking on an intense round of talks aimed at thrashing out the terms of the exit deal.

Sterling traded at $1.296 against the dollar this morning, the Pound rose to €1.1287 against the Euro  

Data to look out today.   

13:30 USD Initial Jobless Claims. 

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