The Speaker of the House, who appears to have a huge amount of power in the Brexit debate has rejected Theresa May’s plan of having a third Meaningful Vote this week unless there is a substantial difference from the previous vote last week.

Currency Pair% Change in 1 monthDifference on £200,000
GBPEUR2.50%€7,960
GBPUSD3.52%$9,100
GBPAUD4.66%AUD $16,800

John Bercow is not prepared to see the same question asked about the same deal as the House of Commons has already rejected it. Mrs May therefore now needs to create some sort of difference in order to see the vote re-run however as the EU have already rejected the idea of any further negotiations it seems difficult to see what might change in a few days.

Bercow has come under considerable pressure following his decision as his reasoning was not to waste Parliaments time, however a debate on Brexit and the future of this country seems a long way from pointless, especially as more MP’s have come out saying they would now back May’s deal.

UK Presents Internal Withdrawal Bill - Brexit Talks Intensify

Bank of England Decision Thursday

You might not believe it, but there are other factors to consider and Brexit is not the only event taking place this week that can affect the currency markets. The Bank of England (BoE) will deliver their latest interest rate decision on Thursday with little change expected as we’re right in the midst of Brexit talks.

Governor of the Bank of England Mark Carney has been a staunch remainer from the off previously warning of cataclysmic consequences to the economy if the country voted leave.

Moreover, he has also warned of the risks of a no deal Brexit and what consequences that could have on the UK. Keep your eye on this around Thursday lunch time as there is always the chance for the markets to be rocked either way by the Bank of England.

Even when the Central Bank don’t change the interest rates, the commentary that follows can move markets. If you’re looking to use sterling to buy currency then make sure you’re aware of your best options by being in contact with FCD.

Unemployment and Earnings Data

This morning the latest Unemployment figures will be released with the level expected to stay at 4% along with Average Earnings for January expected to remain at 3.4%. Both are expected to be positive readings.

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