The pound drifted downward this morning on fears of prolonged uncertainty over Brexit. An extension to Brexit alone isn’t enough to reassure the markets – a sign of certainty and an potential deal would be much more reassuring. The Prime Minister’s task now is try to keep the momentum going on cross-party talks, in an attempt to get an agreement through Parliament. Both parties say progress is being made, but there’s no sign yet of a resolution. Parliament is on recess as of today; Theresa May urged MPs to use the period to reflect on the Brexit impasse.
Today is relatively uneventful in terms of scheduled releases. Earlier this week, we saw manufacturing production coming in positively, increasing 0.6% year-on-year. Industrial production also crept into the positive for the first time since August last year, at 0.1%.
