For much of the rest of the world, Brexit is not the main concern. Today we will hear from the European Central Bank and Mario Draghi who is expected to signal interest rate cuts paving the way for more quantitative easing in the near future - if not later today. The markets are now pricing in a 50/50 chance of a 10 basis points cut this afternoon.
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Today’s decision is likely to be influence by Germanys weak PMI data yesterday as well as across the rest of Europe. Figures fell to a seven-year low prompting concerns that a recession could be on the horizon.
The car manufacturing industry has been impacted coming under pressure from falling sales in China, fading demand in Europe and the need to finance massive investments in new electric vehicle technology.
The euro slipped to a two-month interbank rate low against the USD dollar on Wednesday morning after touching on 1.1143, its lowest since May 31st.
The response so far from Brussels has recently positive with Ursula Von Der Leyen, who will replace Jean-Claude Junker on 1st November, saying “both sides have a duty to deliver a deal.” The EU’s Chief Brexit Negotiator Michel Barnier Tweeted that he wanted to work constructively with Johnson on the basis that both sides were facilitating the ratification of the withdrawal agreement. The deal struck by Theresa May that the new Tory leader has repeatedly declared as dead.
French President Emanuel Macron highlighted he was willing to work together to get this resolved quickly and Angela Merkle The German Chancellor added she wanted both countries to remain good friends.
If you would like to find out more on the upcoming political events, you may wish to contact our trading floor on 01494 725353.
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