MARKET UPDATE 12-Mar-19

Brexit has again become the most popular agenda item in the money market.

The pound headed for its biggest two-day gain since November after U.K. Prime Minister Theresa May and European Commission President Jean-Claude Juncker made “meaningful” adjustments to the Brexit deal. U.K. House of Commons will vote on May’s revised Brexit deal tomorrow, 20 days before Britain is scheduled to leave the EU.

Most other currencies stayed within familiar trading ranges. The US dollar was roughly unchanged as investors digested mixed U.S. retail sales data. However, the data provided the catalyst to move stocks upward.

The Chinese retail sales and industrial production data are all scheduled for release this week followed by Bank of Japan Governor’s speech later in the week.

FX Rates -12.03.19

 

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