The Pound has continued to tumble as the market worry over the uncertainty within the Conservative party, as 30 Tory rebels have privately agreed the Prime Minister needs to resign. Grant Shapps, who previously served as Conservative Party chairman believes Theresa May should stand aside voluntarily as soon as possible, as the number of Tory’s supporting her resignation grows. Cable has erased the gains from earlier in the month, and dropped to a new monthly low.
The Euro continues to drop as Catalan continues to dominate the headlines. The separatist leaders are delaying the Declaration of Independence as banks within the area have warned of their possible departure. The Catalonian referendum breaches Spain’s constitution, and they face possible European isolation if they continue with independence. By leaving Spain, Catalan would no longer be part of the EU and would have to reapply or create a deal to continue to be part of it.
Busy end to the week today with the markets focusing on North America, with the US and Canada release their employment figure. Canada will be releasing their Employment Change figure and the Unemployment Rate figure, expected at 13.9k and 6.3%. The US will be posting their all-important Non-Farm Employment Change figure, expected to post 82k, as well as their Average Hourly Earnings and Unemployment Rates, expected to post 0.3% and 4.4%. Non-Farm Payroll is expected to post one of the lowest figures in over a year, as the hurricanes which hit the South East coast of America are expected to knock down the totals. Back in the UK, MPC member Andy Haldane will be speaking about public trust in institutions at the Royal Society for the encouragement of Arts.