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Sterling is once again ruled by Brexit drama this week with May’s failed final attempt to pass her withdrawal plan and her resignation throwing the U.K. deeper into uncertainty.
United Kingdom Headlines and Economic data
Monday:
- U.K. house prices increased by an average of 0.9% this month versus the 1.1% increase in the previous month
- Brexit: New UK PM will not alter withdrawal deal – Coveney
- Tories Turn to Leadership Race as May Puts Up One More Fight
Tuesday:
- Brexit uncertainty sees stockpiling race to post-financial crisis peak – CBI
- Theresa May to reveal new Brexit deal
- Theresa May offers vote on second referendum if lawmakers back ‘new Brexit deal’
- May’s final effort to win backing falls flat as MPs reject ‘new’ deal – this raises the “no-deal” Brexit scenario as a potential outcome (especially as EU reiterates there will be no renegotiation of withdrawal agreement), which is the worst case scenario for the U.K. thus putting pressure on Sterling.
Wednesday:
- UK inflation rises in April by less than Bank of England expected
- UK Public Sector Net Borrowing In April Lowest Since 2007
- May’s Brexit gambit fails as her premiership fades
- Theresa May faces growing calls to quit amid renewed Brexit revolt
Thursday:
- Andrea Leadsom quits over Theresa May’s Brexit bill
- Theresa May’s withdrawal bill delayed
- Theresa May clings to power after Brexit gambit backfires
- Theresa May is expected to resign after losing the support of her Cabinet
- No direct catalysts on the session but the impending resignation of Theresa May likely sparked a rise in political uncertainty, which put additional pressure on the pound.
Friday: