Brexit delay creates more uncertainty

Weekly Report - 21/10/2019

Confusion Reigns


Over the weekend the parliamentary sitting in the House of Commons gave limited details on when, or even if, England will eventually depart from the European Union. U.K. Prime Minister Boris Johnson was stopped by a cross-party group of lawmakers who voted to delay the “meaningful vote” on his latest withdrawal agreement and push him to demand from Brussels for an extension to the popular Oct. 31 Brexit deadline. The progress in Parliament has created confusion with only 11 days left before the U.K. leaves the E.U.

The Week that was

Last Thursday the Ministry of Commerce representative Gao Feng, said that China is requesting from the United States to stop the taxes imposed on Chinese goods so they can proceed with a final settlement to stop the trade conflict. According to CNBC Gao Feng, “China’s position, principle and goal for the China-U.S. trade negotiations have never changed,” Gao said in Mandarin at a weekly press conference. “Both sides’ ultimate goal for the negotiations is to end the trade war, cancel all additional tariffs,” he said. “This is good for China, good for the U.S. and good for the world.”

The U.S and China have been in a trade dispute for more than a year. The two countries continue to inflict taxes on each other on billions of dollars’ worth of goods.


Main Focus This Week

It will be a very interesting day for the pound regarding the data today. However, there is no real evidence to present a clear direction. The Pound will probably fight through the day after the Parliamentary vote over the weekend against Prime Minister Boris Johnson’s Brexit agreement failed to pass. During the day, outcomes from Parliament will probably lead the popular currency while an expansion call has been made and that will be a major concern for this week. Discussion of referendums and general elections will also be at the center of attention this week.


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