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Today's Market Fundamentals
It was all about the Brexit vote yesterday, there was nothing really for traders to grasp onto during the afternoon session as rumours all but confirmed that PM May would lose her vote. The focus started shifting to the margin of defeat with sources reporting both a 50 vote and 150 vote margin of defeat. The vote was more resounding than that with the rejection of the deal coming in at 432-202 – a resounding defeat for PM May.
Despite the brutal defeat PM May has stated that she will not resign, instead she will face a vote of no confidence today. This is clearly not a strategy to run down time and May has committed to sitting with opposition parties to discuss the way forward if she wins the confidence vote – the real issue is that opposition has not told anyone what they support.
Without moving Article 50, May will bring a more “palatable” deal next week, which begs the question why she didn’t put her best foot forward last night. It is becoming increasingly likely that the UK will walk away with no deal or possibly not even leave the EU – either of which do look a better “deal” than what the EU is supporting anyway.
Today could be another interesting day.
Today's Market Trading Levels
- EURAUD BUY 5830 – 1.5800
- EURCAD BUY 5130 – 1.5100
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