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Theresa May’s Brexit plans still in the balance

  • CNY - CPI y/y: 1.5%
  • CNY - PPI y/y: 5.5%
  • EUR - German Trade Balance: 20.3B

European officials have stated that they may reject the Brexit deal Theresa May presents if they feel it does not support EU citizens living in the UK as much as the support UK citizens receive from their proposal. May’s Brexit proposal has so far already been criticized by the European parliament and is referred to as a “damp squib” in relation to EU citizens’ rights. UK businesses believe a ‘no deal’ situation would be very damaging and that it is important that an agreement for the UK to remain in the EU single market is made. Prime Minister May is currently seeking help from opposition law makers in order help guide Britain firmly out of the European Union with a competitive beneficial deal.

Russia’s involvement in US President Donald Trump’s election campaign continued to dominate the headlines yesterday. It was reported that Trump’s son, Donald Trump Jr, met with a Russian lawyer in June 2016 after she offered potentially damaging information on Hillary Clinton. It is unclear whether such compromising information was provided.

When asked about the meeting, Russian President Vladimir Putin’s spokesman said the Kremlin was unaware of the meeting taking place and did not know who the lawyer was. It was also reported yesterday that half of ex FBI director James Comey’s personal memos have been deemed to contain classified information, which he shared with at least one of his friends. President Trump took to twitter to state this was illegal. 

  • GBP - MPC Member Haldane Speaks
  • GBP - MPC Member Broadbent Speaks
  • USD - JOLTS Job Openings 

Today there is little high tier data being released so the markets will be watching the MPC and FOMC members. In the UK, Andy Haldane will be taking part in a panel discussion at the Bank of England, whilst the BOE Deputy Governor, Ben Broadbent, will be speaking at the Scottish Council for Development and Industry.

Across the pond, FOMC member Lael Brainard will be speaking about monetary policy at the Columbia University’s School of International and Public Affairs. The US will also release their JOLTS job opening figure today, expected at 5.89 million.