The pound was in a weak position on Friday, as Bank of England policymaker, Michael Saunders, suggested that a rate cut is on its way. However, sterling is looking strong against both the euro and the dollar this morning.
Brexit Secretary Stephen Barclay has said that talks are nearing the “moment of truth,” but insists that the backstop “has to go.” However, on the opposite side of negotiations, there have been reports that European diplomats think that the chances of securing a deal are “dwindling.”
Meanwhile, President of the European Commission, Jean-Claude Juncker, has said that Britain would be “solely” to blame for a no-deal Brexit. The EU’s chief negotiator, Michel Barnier, has commented that the recent dramatic scenes at Westminster don’t offer much hope that a majority deal can be found.
Later today, GDP growth rate will be released for the UK, and is expected to come in at -0.2%. This would be quite a fall from the previous reading of 0.5%. This week, PMQs will take place on Wednesday. It is also thought that opposition parties will attempt to bring another motion to strengthen the legislation against a no-deal Brexit. Current Account data will also be released this morning, and may be scrutinised due to the government’s spending plans.
