Infinity Insights

Today's exchange rate news

Parliament returns; be prepared for fireworks!

3rd September 2019
  • Opposition parties planning fresh legislation
  • Johnson reaffirms UK will leave on 31st October

Sterling traded aggressively lower versus both the Euro and US Dollar yesterday as traders continued to price in widespread political uncertainty for the UK. Throughout the course of Monday’s trading session there were numerous reports outlining a potential move by opposition parties to stop ‘no deal’ Brexit by way of yet another extension, with ministers set to try and gain control of the Parliamentary agenda today. In addition, Boris Johnson made a surprise speech yesterday evening and made clear the UK will exit the EU on October 31st, ‘no ifs, no buts’, or will face a snap election on 14th October. As you’d expect, Sterling bore the brunt of the news, falling 1% against the US Dollar and 0.7% versus the Euro, and the Pound is currently down 0.66% this morning.

Today, all eyes will be firmly on the House of commons where ministers return from recess and set to debate Brexit. The opposition parties will reportedly bring to the table fresh legislation to try and avoid a ‘no deal’ Brexit today, although analysts have suggested voting numbers will be extremely tight, with many of the Conservative rebels risking expulsion if they choose to vote against the government.

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