Brexit takes another unexpected turn, cameras capture May’s reaction

March 27, 2019

Things are seemingly going from strange to outright bizarre in the world of Brexit.

The EURUSD opened the day at $1.13110 and remained flat early before bumping up to a high of $1.13253 mid-session. The euro began a steep fall from that point, tumbling to a low of $1.12622 in the final hour of the day. It has climbed off those lows in early morning trading and it is currently at $1.12741. The GBPUSD made some gains overnight after opening at $1.31742. The pound climbed to $1.32218, fell to $1.31759, back up to $1.32218 before hitting lows of $1.31562. From there however, the pound rocketed up to highs of $1.32603 later in the day. It came off those highs heading into the close. It is currently trading at $1.32083.

The Dow looked set for a strong session until a late sell-off meant the index ended with small gains. The Dow opened at 25,558.40 and dipped to lows of 25,535.72 early in the day. It then began its gradual climb, eventually hitting highs of 25,796.53. It gave up a lot of the gains late in the session before closing at 25,601.87. The Dax was quite the opposite however. It looked in trouble early before stabilising and closing higher overnight. The German index opened at 11,404.53 and fell to lows of 11,301.80 early. It rallied off those lows to reach highs of 11,449.84 late in the day. It came off those highs slightly before closing at 11,440.19.

The Brexit saga drags on, with proceedings taking a bizarre turn. UK MPs have voted to take control of the parliamentary agenda away from the government. This effectively means that Theresa May’s government has no control of Brexit proceedings in the House of Commons at least over the next few days. This will allow alternative Brexit plans to be proposed and voted on. It’s an unprecedented move and one that is probably looked upon with shock from the UK’s European counterparts. With the Brexit deadline fast approaching and the EU only agreeing to an extension if the previous Brexit deal was the one that the UK parliament would vote in favour of, time is fast running out for this rabble to get their act together and get a deal done.

Data released today includes:

UK – CBI Realised Sales

Canada – Trade Balance

Australia – CB Leading Index

NZ – Official Cash Rate, RBNZ Rate Statement

US – Current Account, Trade Balance, Crude Oil Inventories, FOMC Member Esther George speaks

Europe – Credit Suisse Economic Expectations, SNB Quarterly Bulletin, ECB president Mario Draghi speaks


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