Here we go for a big day across UK markets.
The Supreme Court will announce its decision on whether the proroguing was unlawful this morning. In my books this is not going to materially change the future path of Brexit. Whispers making the waves around the City that the government has lost the case…
...Any positive knee-jerk reaction in GBP should be aggressively sold into; should the court advise Johnson to request an earlier recall with prevention of a second prorogation markets will interpret the initial perception as diminishing Johnson’s authority and GBP positive. However, I don’t expect the Johnson draconian mandate to change and any upside in GBP will soon be reversed by comments following Johnson’s meetings in NY later today around how the UK and EU are still far apart.
Conservative’s cards are turned face up on the biggest issue since the Second World War….but hey lets shut down Parliament and sprint to the finish line inflicting as much damage to the economy as possible. Meanwhile the opposition Labour Conference voting to back Corbyn’s stance of not committing to either back "remain" or "leave" till after the general election (their hands are just as dirty for allowing this to happen).
Good luck all those with UK exposure.
The Supreme Court will announce its decision on whether the proroguing was unlawful this morning. In my books this is not going to materially change the future path of Brexit. Whispers making the waves around the City that the government has lost the case…
...Any positive knee-jerk reaction in GBP should be aggressively sold into; should the court advise Johnson to request an earlier recall with prevention of a second prorogation markets will interpret the initial perception as diminishing Johnson’s authority and GBP positive. However, I don’t expect the Johnson draconian mandate to change and any upside in GBP will soon be reversed by comments following Johnson’s meetings in NY later today around how the UK and EU are still far apart.
Conservative’s cards are turned face up on the biggest issue since the Second World War….but hey lets shut down Parliament and sprint to the finish line inflicting as much damage to the economy as possible. Meanwhile the opposition Labour Conference voting to back Corbyn’s stance of not committing to either back "remain" or "leave" till after the general election (their hands are just as dirty for allowing this to happen).
Good luck all those with UK exposure.
Commento:
Eyes on 1.234-1.232 for the London close ... If support gives way here we will see an impulsive move
