FX experts and strategists are certainly ruling nothing out ahead of tomorrow’s crucial parliamentary vote on Britain’s deal to withdraw from Europe.
Just as news broke that the pound had rallied today following confirmation that a long-awaited Brexit deal had been reached, the cable reversed its gains.
According to a report issued by the Institute for Fiscal Studies think-tank, if the UK should leave the EU without a transitional agreement in place, the budget deficit could rise to 4 per cent of gross domestic product.
The British pound fell by 0.5% today as investors prepared for further uncertainty after the UK’s Supreme Court ruled PM Johnson’s decision to suspend parliament as unlawful.
The bank’s Monetary Policy Committee (MPC) voted unanimously today to keep rates unchanged, warning that “entrenched uncertainty” around Brexit could drag on the UK economy.
Official data showed that prices of good and services, paid by consumers, only increased at an annual rate of 1.17% last month. According to a Reuters poll of economists, it was estimated to hit a rate of 1.9%.
The pound fell from its six-week highs against the dollar today as PM Johnson continues with his pledge of taking Britain out of the EU by October 31st.
The pound fell today as traders geared up for a clash between the government and rebels opposing Boris Johnson’s controversial Brexit plans.
Concerns over the economic decline from the ongoing US-China dispute in addition to a looming ‘no-deal’ Brexit, which will most likely happen, resulted in less ‘risky’ trade decisions for investors.
In early trading today, the dollar held strong against the euro, which hovered around a two-week low, as slightly higher…