Brexit Proceedings: Second reading of WB on Tues, European Parlt. ruling out vote this week

A number of Brexit related headlines are starting to come through following a decision by the House of Commons speaker Speaker to refuse to allow a vote on it on Monday.

With just 10 days left until the United Kingdom is due to leave the EU on Oct. 31, speaker John Bercow said a vote should not be allowed on Monday as the same issue had been discussed on Saturday when opponents turned Johnson’s big Brexit day into a humiliation.

“In summary, today’s motion is in substance the same as Saturday’s motion and the House (of Commons) has decided the matter. Today’s circumstances are in substance the same as Saturday’s circumstances,” he said, “My ruling is therefore that the motion will not be debated today as it would be repetitive and disorderly to do so.

Johnson and Brexit supporting lawmakers were disappointed by the decision, a spokesman said.

Meanwhile, a flash headline via Twitter sated that the European parliament may have ruled out a vote on Brexit deal this week - If confirmed, further narrows odds of Oct 31.

Vote of Brexit deal will NOT be pulled

As for this week's UK Parliamentary proceedings with respect to Brexit, UK House of Commons leader Rees-Mogg announced that the Withdrawal Agreement will be published shortly and that the house will have 2nd reading of the Withdrawal Bill tomorrow.

• House will then have the commencement of committee on Tuesday;
• Plan to conclude commons proceedings on EU withdrawal bill on Thursday;
• Vote of Brexit deal will NOT be pulled.
• First opportunity to vote on the Bill will be on Tuesday. 

Update: According to House of Commons leader Jacob Rees-Moog, the first vote on the Brexit bill will take place at 1800 GMT on Tuesday – 7 pm in London and 2 pm in New York.

FX implications

The Pound is highly sensitive to these proceedings with a daily ATR of 145 pips vs the US Dollar. However, cable has been better bid of late, closing with higher highs on a daily basis having recently penetrated the 200-day moving average down at 1.2714 and scoring the highs level today at 1.3012 since May 2019.