Spreadex Market Update

Pound slips as Theresa May scrabbles to find support for third ‘meaningful’ vote



At the start of a stupidly hectic week – the government’s latest Brexit deadline joins the UK’s jobs, inflation and retail sales data AND a Fed statement AND the month’s Bank of England rate vote – the markets appeared to use Monday morning to gather their thoughts.

With 11 days to go until the UK is meant to be leaving the EU, the pound took a slight tumble after the bell. Against the dollar it dipped 0.2%, causing cable to fall under $1.326, while against the euro the currency was down 0.4%, taking it back below €1.17.

Sterling is facing a morbidly curious, potentially exhausting week. Theresa May is in the process of desperately trying to get the DUP on board, as securing their support would, in theory, be the key to pushing her twice-rejected, thoroughly disliked withdrawal agreement over the line ahead of Wednesday’s self-imposed deadline and Thursday’s EU summit in Brussels. This as Philip Hammond cast doubt on whether or not a third ‘meaningful’ vote would even actually occur this week, given that the odds are still stacked against the deal.

Thanks to the pound’s shaky start, the FTSE was able to continue its recent rally, rising half a percent to tease 7270 for the first time in 5 months. The DAX, meanwhile, lurked at 11700 after pushing 0.2% higher, with the CAC just about nudging above 5390 as it added a handful of points.

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