Today investors will look forward to the most important Brexit vote yet, as it will determine whether MPs support Prime Minister Theresa May’s divorce deal or vote against her which will trigger a second and possibly third round of voting for a no-deal or extension of article 50.
European Markets are expected to open higher ahead of the vote. Market participants will be keeping a keen eye on the Brexit deal. It is believed that the majority of MPs will vote against the PM’s deal however, it is worth noting since then Theresa May went to Strasbourg last night and has won legally binding assurances over the Irish backstop. Investors have already seen the pound yo-yoing on Brexit related news. Last night GBPUSD rallied on the back of the PMs statement reaching a high of 1.3288 at 22:04 GMT.
US markets are higher on the back of yesterday’s rallies. Dow Jones Industrial Average (DJIA) shot up 200 points as Apple shares rose over 3% offsetting Boeing’s decline. The S&P 500 and Nasdaq 100 also made gains.
In other news, Gold was slightly higher as the European Commission agreed to revisions to the Brexit deal which resulted in the dollar weakening.
Oil prices rose slightly as OPEC cut output along with healthy demand. WTI crude oil futures were at a high of 57.51 at 08:00 GMT with Brent crude futures at 66.89 at 08:01 GMT.
On data front, we have the UK monthly GDP and Manufacturing Production figures at 09:30 GMT; US monthly CPI and Core CPI at 12:30 GMT followed by the all crucial Brexit vote this evening.
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