- MPs are drawing up plans to compel Boris Johnson to break his “do or die” pledge.
- Jeremy Corbyn tabling a motion of no confidence in the Government.
There are some news wires going around the block with reports in the Times and Telegraph addressing the concerns of a hard Brexit and Boris Johnson's fragile setting as the new PM.
Firstly, the Times reports that MPs are drawing up plans to compel Boris Johnson to break his “do or die” pledge and force him to request an 11th-hour Brexit extension from the European Union.
A leaked strategy document reveals that Mr Johnson’s opponents believe they can thwart his plans to push through a no-deal Brexit and compel him to hold an election with Britain still in the European Union. They also intend to launch a campaign accusing the prime minister of driving through an illegitimate “scorched earth (no-deal) policy on the British people” that has no democratic mandate.
As for the Telegraph, their article explained that Labour MPs have been told to cancel all travel in early September in anticipation of Jeremy Corbyn tabling a motion of no confidence in the Government.
The Telegraph has learned that Labour has suspended the process known as “slipping” for two weeks, which allows Labour MPs to be absent for votes, in order to maximise the chances of toppling Boris Johnson’s administration.
The move appears to confirm that Labour will attempt to bring down the Government within days of MPs returning from their summer holidays, in order to provide enough time to try and block a no-deal Brexit.
FX implications
Headlines such as this do little to support Sterling on the knee-jerk but can be built up in the case for the bulls. GBP hit its lowest point since 2017 on Friday following poor economic data and the signs that a case for hard-Brexit are building are also weighing on the Pound.
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 posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.