Theresa May spoke yesterday and stated she does not have enough support to get her deal through as things stand.

May will continue to try and gain support in an attempt to push her deal through by the end of the week at the third attempt. May is also going to order Conservative MPs to vote against a bid by a group of MPs headed by Conservative, Sir Oliver Letwin to hold voting on alternatives to the PM’s deal.

Currency Pair% Change in 1 monthDifference on £200,000
GBPEUR2.84%€6,520
GBPUSD2.73%$7,100
GBPAUD3.51%AUD $12,800
Tory Party will tell Theresa May that she should step down

The group are expected to try and gain time to for a series of votes on up to six alternatives.

May said the Government would not commit to delivering the outcome of the votes but would engage constructively with members of Parliament.

May went on to confirm that the Government would seek to extend the Article 50 departure date through secondary legislation which will make either 11th April or 12th April the earliest departure date from the European Union.

She is also set to let MPs know that if they reject the extension it would still take place due to a piece of international legislation.

DUP leader, Arlene Foster has informed the PM that the Democratic Unionist Party (DUP) will not be backing May’s deal, which is not good news for May’s potential vote.

Brussels continues to posture and a statement was released stating preparation for a no deal scenario on 12th April had been completed and is ready to be put in place.

The European Commission went on to say that despite preparations there still would be "significant disruption for citizens and businesses" and "significant delays" at borders.

This Weeks Brexit Timeline

Today -  The PM could potentially bring her withdrawal deal back for a third meaningful vote. ButGovernment says it will not do so unless it's sure it has enough support to win.

Speaker John Bercow stated he has provisionally selected the following amendments this afternoon.

Amendment D – Labour frontbench

Calls for the Government to provide sufficient Parliamentary time this week for indicative votes.

Amendment A – Letwin, Benn and Grieve

  • Takes power to control business in the Commons away from the Government tomorrow, to allow members of Parliament to put forward business motions relating to Brexit, most likely indicative votes.
  • If more than one business motion is put forward, Bercow will decide which one should have precedence.
  • Whatever is occurring in the House of Commons tomorrow will be interrupted in the afternoon.
  • MPs will have an hour to discuss the business motion before moving on to main topics. It does not set out the process for  voting.

Wednesday - This is when indicative votes would be due to take place. It is unsure whether Party Members will be free to vote how they wish or will be forced to follow their Party’s wishes.

Thursday - This will be a second possible opportunity for May to put forward her deal for voting. May will hope that her opposition will finally decide to back her deal because indicative votes have shown that if not, Great Britain could be heading for a softer Brexit which will not sit well with leavers.

Friday 29th March – Although this is still set to be the day the UK leaves the EU it is widely anticipated there will now be an extension to Article 50 until 11th or 12th April.

The trading floor here is anticipating volatility throughout the week as developments unfold. If you are looking to perform a currency transaction in the near future you may wish to speak with your account manager to discuss all available options, such as automatic market orders which can help to protect your position against risk.

UK GDP

UK Gross Domestic Product (GDP) data is due out on Friday. There is expected to be little movement in quarter on Quarter figure and Year on Year. With Month on Month due in at 0.2% and Year on Year due to arrive at 1.3%. It is quite possible that Brexit related updates may overshadow this release in terms of affecting the pound.

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