Mon, October 22, 2018
Domestic politics looks to be the focus for markets as the U.K. fights over how to break the deadlock in Brexit talks.
The EU are proposing an extension to the transition period following the UK’s exit in March from the bloc, Theresa May faces opposition to that prospect from her own party. Sterling could be vulnerable to headlines.
Theresa May has managed to unify the Conservative Party, however it’s in opposition to her plans.
As there is not much data out this week, politics will be the main driver again.
Pro-Brexit lawmakers have rallied against any extension of the transition, as they don’t want the U.K. to stay tied to the bloc’s rules. The Pm has had to face a leadership challenge before, as she lacks the parliamentary majority. However, pro-Brexit rebels recognize that they don’t have enough numbers to oust her.
Until we get something more concrete on Brexit or May’s leadership, sterling might just treading water, although the pound did weakened around 1% against the dollar last week, this was partially due to dollar strength, and it was little changed against the euro for the second week in a row.
The Pound fell 0.3% to $1.3005 this morning against the dollar. Sterling fell to 1.1315 against the Euro.
Data to look out today.
Not much data due out today.
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| Day | Time | Currency | Event |
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| MON | 09:00 | EUR | EUR Euro-Zone Government Debt-Gross Domestic Product Ratio | MON | 12:30 | USD | USD Chicago Fed Nat Activity Index | MON | 15:30 | USD | USD U.S. to Sell 3-Month Bills | MON | 15:30 | USD | USD U.S. to Sell 6-Month Bills |
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*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
| S | M | T | W | T | F | S |
| 30 | 1 | 2 | 3 | 4 | 5 | 6 |
| 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 21 | 22 | 23 | 24 | 25 | 26 | 27 |
| 28 | 29 | 30 | 31 | 1 | 2 | 3 |
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