We thought it best to wait for the dust to settle before filling our morning update with concrete ‘facts’. Struggling to decipher what is factual and what is political jargon both in the UK and the US!
So over the past 2 weeks we’ve seen GBP bounce 6 percent from the lows at the beginning of the year and could gain 3 percent more if UK lawmakers manage to break their Brexit deadlock this week.
But signs are it will struggle to sustain a rally while Britain’s path out of the EU remains uncertain.
Whilst we are no closer to a long term solution for sterling, the outlook has brightened in the short term as it shows that very few lawmakers want to crash out of the EU without a deal. Cue 7PM tonight!
So the 35 day partial shutdown of the US government cost about 11 billion dollars and shaved 0.2 percent off the nation’s annual economic growth forecasts.
The shutdown triggered by a fight over funding for Donald Trump’s proposed border wall with Mexico ended on Friday and was the longest in US history.
Egg on face for Trump, as it appears he hasn’t got his way and will struggle to do so. Additionally USD has weakened significantly and independently from the majority of the majors.
In light of the vote tonight, we will all be available up until 8PM tonight.
Have a good day.