GBP: May can’t confirm publication of Brexit white paper

With no major economic data releases from the UK yesterday, any currency movements were likely to be a result of events elsewhere. Sterling weakened against the euro following some extremely positive PMI data from Germany and the eurozone, but it did manage to climb higher against the dollar. This could still be a result of positive services PMI data released on Tuesday – any reason to be optimistic about the British economy is understandably being grasped at and investors likely held onto the optimism for another day.

During PMQs, Prime Minister Theresa May was unable to confirm when the Brexit white paper would be published. The lack of a clear negotiating position is not brilliant news, especially given that last month, the Brexit Secretary, David Davis, promised a ‘detailed, ambitious and precise’ white paper. Of course, it is still entirely possible that such a paper will be published – we just don’t know when.

Today we will see the Halifax house price figures for May. Last month, they fell by an alarming 3.1%, so it is hoped that this reading is more positive. Analysts have predicted a 1% increase from last month and year-on-year, 1.9%.

 

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