Sterling remained weaker yesterday against both the dollar and the euro as no-deal Brexit fears set in, and it is still weak this morning. This comes as the UK has until the end of this year to strike a trade deal with the EU – a timeframe which will not be extended, according to Prime Minister Johnson. The non-negotiable deadline, combined with warnings that it will be difficult to agree on a trade deal in a year, increases the threat of a no-deal Brexit.
The Prime Minister delivered a new year’s message earlier this week, saying that the first item on his agenda will be to deliver Brexit at the end of the month.
UK Manufacturing PMI came in yesterday for December 2019 falling below the previous month’s reading and remaining within contraction territory. It declined to the second weakest level in nearly 7-and-a-half years due to ongoing economic, political and trade concerns, which have impacted new orders.
Today, we’ll see the release of Construction PMI and Bank of England Consumer Credit figures.
