• All eyes on the pound as Parliament vote on Brexit

    blogMarket Info Update

    U.K. Prime Minister Theresa May will put her twice rejected divorce deal to a vote again today in a last-ditch attempt, as the deadlock in parliament continues over Brexit. MPs voted on eight alternatives on Wednesday for which they could not gain a majority for any. The U.K. economy has already been affected by the uncertainty surrounding Brexit. The pound has been volatile on any Brexit related news; GBPUSD was seen at 1.3020 at 08:34 GMT, significantly lower from Wednesday when the pair was around the 1.3260 level. U.K. businesses do not like uncertainty and the longer Brexit goes on the harder it is for businesses to forecast. All eyes will be on Parliament later today.

    European markets were in positive territory this morning on the back of optimism from investors of progress between the U.S. and China. Investors focused on trade negotiations between the worlds two largest economies, as concerns earlier in the week of a U.S. recession put a strain on the market. U.S. markets were also spotted higher as emphasis again was on trade developments between the U.S. and China.

    Gold was lower this morning, dropping below $1,288 level as the dollar and equities edged up on fresh optimism. Since then Gold has recovered to $1,291.37 at 09:06 GMT.

    On the data front, we have the U.K. Current Account figures at 09:30 GMT followed by the CAD GDP m/m figures at 12:30 GMT before the U.K. Parliament Brexit vote later in the evening.

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