Senior Analyst, Mikael Olai Milhøj at Danske Bank, notes that as expected, the House of Commons last night voted down both amendments to the Article 50 bill passed by the House of Lords, aimed at protecting the rights of EU citizens currently living in the UK and giving parliament a ‘meaningful’ vote on the final Brexit deal.
Key Quotes
“Also as expected, the House of Lords backed down when the bill returned to the House of Lords.”
- This means Prime Minister Theresa May now has the power to trigger Article 50.
- Although the UK media previously reported that Theresa May could trigger Article 50 as early as this week, they now report it as being more likely by the end of month (due to a combination of the Dutch election and the Scottish nationalist Party’s spring conference at the weekend). Next week is off the table due to the celebration of the 60-year anniversary of the Rome treaty. 27-30 March are the most likely trigger dates now (last week of March).
- As there was a large majority of Scottish who wanted to stay in the EU, the Scottish First Minister Nicola Sturgeon announced that next week she will ‘seek authority of the Scottish Parliament to agree with the UK government the details of a section 30 order’, which will enable Scotland to hold a second independence referendum next year ‘between the autumn of 2018 and the spring of 2019’. One of the key arguments for staying in the UK in the first independence vote was EU membership. According to various media sources, PM Theresa May has rejected a referendum while negotiating Brexit with the EU."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD hovers around 0.6750 amid cautious mood ahead of Fed meeting
AUD/USD consolidates the overnight strong gains around 0.6750, as traders turn cautious ahead of a two-day FOMC meeting starting this Tuesday. Heading into the central bank event risk, the US Dollar languishes near the 2024 low amid bets for an oversized rate cut by the Fed.
USD/JPY stays defensive near 140.50 on Fed-BoE policy divergence
USD/JPY stays on the back foot at around 140.50 in the Asian session on Tuesday. The Japanese Yen remains supported amid hawkish BoJ expectations while the US Dollar bears the brunt of increased odds of an outsized Fed rate cut this week. US Retail Sales data is awaited.
Gold prods overbought zone, shy of $2,600 as Fed meeting looms
Gold price is just a hairline short of the new record high of $2,590 reached Monday, as buyers take a pause heading into the highly anticipated two-day US Federal Reserve monetary policy meeting, starting on Tuesday.
Bitcoin approaches its $56,000 support level
Bitcoin is approaching a crucial daily support level of $56,000, hinting at a possible recovery. Ethereum faced rejection from the resistance level, suggesting a downward trend with weak momentum. In contrast, Ripple has bounced above the 100-day EMA, indicating a continued upward trend.
Five Fundamentals for the week: Fed overtowers pivotal week for Gold, stocks and the US Dollar Premium
The Fed's first rate cut stands out as economic uncertainty mounts. US Retail Sales and Jobless Claims are of high interest. Rate decisions by central banks in the UK and Japan are also pivotal.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.