The pound is under a lot of downward pressure this morning as Parliament resumes. Labour MPs and Tory rebels will put forward a bill today designed to stop a no-deal Brexit, but it will be a tight margin either way. Meanwhile, Boris Johnson insisted last night that the UK will leave the EU on 31st October, ‘no ifs, no buts’ – and expectations of a general election on 14th October are growing.
The European Union is considering extending its solidarity fund to countries impacted by a no-deal Brexit, although the process will take a number of months to be complete. While the euro is benefitting from sterling’s weakness, it didn’t start the week so well against the dollar, hitting a two-year low.
US manufacturing PMI and orders data will be released today, and the markets will be watching closely for any unexpected results. Tomorrow, we will see balance of trade figures, expected to still be in the negative, but slowly creeping upwards.
It’s going to be a volatile week, but you don’t need to put your plans on hold. Speak to your Personal Trader today on 020 7898 0541 about ways to ringfence your money against the live markets, including locking in your rate with a forward contract.
