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Mixed week for the British pound against the majors as counter currency flows over shadowed U.K. events, but we did see a major Brexit development that brought pressure to Sterling overall.
United Kingdom Headlines and Economic data
Monday:
- Britain must settle EU bill even after no-deal Brexit – EU executive
- Brexit: Boris Johnson says odds of striking deal ‘touch and go’
Tuesday:
- Jobs-inflation trade-off hard to spot under good monetary policy: BoE’s Tenreyro
- EU ready to look at ‘realistic’ backstop plans from Johnson – this headline may have been the catalyst for the broad move higher in Sterling, showing that the EU’s hard stance of staying with the deal already negotiated with former PM Theresa May could be cracking.
- UK mortgage approvals hit highest level in two years
- Weak consumer spending and stiff competition keep prices down
- UK’s Johnson tells Juncker no Brexit deal if backstop remains
Wednesday:
- Parliament to be suspended in September
- Boris Johnson asks Queen to suspend UK Parliament ahead of Brexit
- Queen approves UK government’s request to suspend parliament during crucial Brexit period – Sterling fell on the news as this gives Parliament a smaller window of time to pass laws to stop a no-Brexit deal, greatly upping the probability that a no-deal Brexit will occur.
Thursday:
- EU ministers warn against no-deal Brexit
- UK opposition Labour Party tells PM Johnson: ‘Bring it on’
- U.K.’s McDonnell: ‘Increasingly Confident’ of Majority to Stop No-Deal
- Corbyn calls for ‘rapid legislation’ to stop no-deal Brexit
Friday:
- UK Consumer Confidence decreases three points to -14 for August 2019
- Little change in UK house price growth in August
- Broad money (M4ex) holdings rose by £18.9V, the largest monthly increase since May 2018; Net consumer credit rose by £0.9 billion in July; Mortgage market activity has remained stable
- Scottish judge refuses to block Johnson proroguing parliament
- Show us viable backstop alternatives ASAP, Ireland’s Coveney tells UK’s Raab
