Spreadex Market Update

Sterling sinks as May suffers third withdrawal agreement embarrassment



Sterling’s midday bounce felt a long way away on Friday afternoon, as MPs inflicted another embarrassment on a Theresa May premiership defined by them.

Even when separated from the political declaration (loosely) detailing the future relationship between the UK and EU, May’s withdrawal agreement couldn’t win over the House of Commons, the PM losing this latest ballot by 58 votes despite offering herself up as a sacrifice. As ever, there is a general sense of cluelessness over what exactly is going to happen next, though it looks likely that MPs will try the indicative votes process again on Monday, now working to the tighter deadline of April 12th.

Completely understandably sterling wasn’t too happy with this latest impasse, with May even warning that parliament might be ‘reaching the limits of the process’. Against both the dollar and the euro the currency tumbled half a percent, forcing cable under $1.30 for the first time since March 11th.

Interestingly the FTSE didn’t get a huge boost from the pound’s Brexit migraine, instead chugging along with its own half a percent rise. The DAX and CAC, meanwhile, slipped from their earlier highs, climbing 0.4% and 0.6% as the Dow Jones only managed to add 0.3% after the bell. The markets are in need of another injection of trade talk injection, because last night’s dose is starting to wear off oh so slightly.

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