Blog


David Davies Resigns

UK Brexit Secretary David Davis and two other government ministers resigned overnight, just two days after the ‘soft’ Brexit agreement at Chequers.

In Mr Davis’s resignation letter, he argues that the agreement made it ‘less and less likely’ that the manifesto commitment to leave the Customs Union and the Single Market will be delivered.

Pro-Brexit ministers Gove and Johnson remain in the government. PM May is due to address the parliamentary party later today. A White Paper on the Brexit agreement is due to be published later this week, probably on Thursday or Friday.

The main event today is ECB President Draghi’s testimony to the European Parliament’s Economic and Monetary Affairs Committee 14:00BST.

His appearance follows the decision at the June policy meeting to stop the QE programme at the end of the year, but also to signal that interest rates would remain at current levels “at least through the summer of 2019”.

Last week, it was reported that some policymakers favour an earlier first rate rise than end-2019.

In the UK, we should get more insight later in the week, with Governor Carney (Wed) and Cunliffe (Fri) due to speak. There are no UK data releases, but tomorrow sees the inaugural release of monthly GDP (for May) which is expected to show improving momentum.

We expect to see volatility as the week goes on, please contact us for live markets updates and opinions on what to expect.

Leave a Reply

Your email address will not be published. Required fields are marked *

What's Going On?

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd Payment and Foreign Currency Exchange Services are provided by Currency Cloud Limited, Equals Connect Limited and Ebury Partners UK Limited. Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199. Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508). Currencies 4 You Ltd is partnered with Ebury Partners UK Limited as its Programme Mananger. Ebury Partners UK Limited are authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution. (Reference Number 900797). Ebury Partners UK Ltd is registered with the information commissioners office with registration number: ZA345828. | Terms and Conditions | Privacy Statement | Careers