Boris Johnson came under pressure from MP’s last night in the House of Commons following the use of the words; surrender, betrayal and traitor. The Attorney General earlier in the day questioned opposition MP’s motives and Boris Johnson spent most of the evening goading MP’s into putting forward a no confidence motion.
One comment of significance that the Prime Minister did make was when he was asked would the Government adhere to the law, he simply said “we will obey the law and we will not extend” evidently this suggests they have a plan.
We know that the vote of no confidence in the Government will not come until after the 31st October because they don’t want to risk a No-Deal Brexit. However, this does mean that for the next 5 weeks we’re simply going to watch the same back and forth in the House of Commons. Johnson is hoping that in the coming weeks he is able to get some sort of proposal with the EU that the House can finally come to an agreement on.
Michael Gove during his speech to the House of Commons yesterday did point to the fact there had been significant movement in the talks and judging by no comments from EU officials suggesting otherwise this might actually be the case. It will become clear over the next few days and weeks just what Johnson and his Government have proposed, which will only add to the significant market volatility.
President of the European Central Bank Mario Draghi will speak in the early afternoon in what will be one of his final speeches. Draghi is set to hand over the reigns to Christine Lagarde on the 31st October. It would be a surprising turn of events to see Draghi make any major statements and it’s likely that he may keep his final thoughts to himself. Lagarde has already got an enormous challenge on her hands as the ECB restarts quantitative easing, coupled with the 0% interest and Germany’s stalling economy.
The impeachment enquiry into Donald Trump started yesterday as the Democrat lead investigation will try to find out if Trump has acted illegally. The main allegation is that Trump asked the Ukrainian President to investigate Democrat candidate Joe Biden’s son, whilst novel Trump did a few days earlier stop a payment of $400million to the Ukraine and many are suggesting this is an attempt to apply pressure to a foreign leader.
Trump spent most of the day batting any claims of any guilt, suggesting that this was the biggest with hunt in US Presidential history. He went a bit further to hope this sort of thing doesn’t happen to a US President in the future also. There are several allegations surrounding Trump which has been the for the entire time he has been President and as we move into a election year the timing looks right for the Democrats to try and strike.
The US Dollar gained 1%against Sterling yesterday as the Pound had another volatile day. Tomorrow could well be the same as GDP for the US along with Personal Consumption data are released just after lunch time.
The Canadian elections are now within two months before the population go to the polls and now the Conservatives are in the lead. Justin Trudeau last week came under pressure for pictures of him at University in “black face”, the timing of this picture once again seems all the convenient. The Bank of Canada have said that until after the election they will not be making any releases. However they did hint to the fact they are likely to try and stay in line the US Federal Reserve as their main trading partner.
In the last 20 days the GBP/CAD has climbed from 1.60 to 1/65 at the high points so anybody looking to purchase Canadian Dollars would be currently capitalising on a spike
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