Foreign Exchange Daily Market Update 21/03/19

Thu, March 21, 2019

Pound slides to one-week low as Theresa May looks for Brexit delay.

Sterling slipped to a one-week low after Theresa May confirmed she would only ask for a three-month delay to the Brexit deadline and reports suggested the EU may not back her request.

The Prime Minster told Parliament that she was sticking to her plan to avoid a long delay to the Britain’s departure from the EU. Jean-Claude Juncker the European Commission President is reportedly warning May against including a date for the extension that is after the May 23-26 EU elections.  It is not a given the EU will grant the extension.

With just nine days to go, The Prime Minster has been blocked from bringing her Brexit plan before lawmakers again without substantial changes.

The potential outcomes from here range from a delay to an approval of May’s plan. A delay would keep the sterling as it is between $1.30 and $1.35.  A vote in favour of her proposal could send the pound rallying more than 10% to $1.45., he said.

The Pound fell to $1.3162 this morning from 1.323 against the dollar. Sterling slipped to 1.1532 against the Euro.

Data to look out today.   

09:30 GBP Retail sales.

12:00 GBP Bank of England Bank rate  

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