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Plan A? Plan B? It all looks the same to me

Volatility increased when May stood up in Parliament to announce her “plan B” which looks awfully like plan A but with a set of fake glasses and a moustache on. However, the final shape of the backup plan will only start to take a new form once the voting on amendments commences on the 29th January.

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May seeks Plan B after the catastrophic loss last week

After the historic defeat of her Withdrawal Bill last week Theresa May is once again set to pull a new rabbit out of her hat that can shake the Brexit process out of its deadlock as she is expected to announce her ‘Plan B’ from 14:30 GMT. May will seek to strike further concessions with the EU to clear up the contentious Irish backstop mechanism.

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Dollar rallies as US-Sino relations ease

Yesterday saw another choppy session for GBPUSD as Theresa May stared down another question on her authority. After winning the vote of no confidence, brought up by Labour leader Jeremy Corbyn after the historic defeat of the withdrawal deal on Tuesday night, the Prime Minister took to the steps of number 10 to slander the opposition leader for not planning to attend the cross-party talks.

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Record defeat for May see’s pound rally

Sterling ended yesterday’s session flat on the whole after major swings following a hammer blow for Prime Minister Theresa May’s Withdrawal Bill. The pound fell half a percentage point in the immediate aftermath against the US dollar, but then promptly rallied as May offered cross-party concessions and the likelihood of the March deadline being extended increased

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Judgement day for May

Sterling flirted with a half of a percentage point rally yesterday after ITV sources claimed that the Conservative party’s eurosceptic European Research Group would side with Mrs May in today’s meaningful vote. This was short-lived, however, after minister Steve Baker confirmed that the group- a prominent opponent of May- would indeed vote against her withdrawal bill.

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Fed pause all but priced in

EUR reached a 12-week high against USD yesterday during the early hours of the Asian session, only to encounter a vicious reverse in faith later which eventually prompted the single currency to tumble towards the bottom end of the G10 currency ladder.

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Dovish Fed squawks lends EURUSD wings.

The euro had a bright day yesterday, as the weakness of the dollar provided a percentage point of gains to the single currency, which sat at levels not seen since last October. The 11-week high on the cross came after dovish tones from US monetary authorities, despite domestic data still offers no support to the prospects of the Eurozone.

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Dollar slumps as Trump’s speech does not signal swift end of US government shutdown

Soggy sentiment surrounded sterling yesterday as no progress appears to be made in the process of getting any Brexit deal through Parliament, as the ‘meaningful vote’ of next week draws ever more near. Despite that, this morning the Great British Pound has risen itself onto a stronger footing, after 20 Tories disobeyed the party’s whip and voted along with a Labour proposal that limits the powers of the Exchequer to cut or raise taxes in case of a ‘no deal’ Brexit scenario.

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FED doves continue to fly

May continues to pin her hopes on squeezing a last-minute concession out of Brussels that will be enough to convince Parliament to back her deal.

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Meet the team

Ranko Berich

Ranko Berich

Head of Market Analysis

Ranko Berich heads up Monex Europe’s team of analysts, providing timely insight and commentary on developments in currency movements and their drivers.
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Simon Harvey

Simon Harvey

FX Market Analyst

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Bart Hordijk

Bart Hordijk

FX Market Analyst

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