Citibank: UK economy guided by the Brexit developments

Citibank analysts point out that in the UK, passing of the "Letwin Amendment" in the parliament overnight means that tonight, the UK House of Commons will hold a series of "Indicative Votes" on a range of Brexit options to force MPs to choose to hopefully demonstrate support for one or two options.

Key Quotes

 “Indicative Votes” are not binding & in theory PM May can ignore the outcome though she is unlikely to do so.”

“List of probable Brexit proposals included – (1) PM May’s deal; (2) No deal Brexit; (3) 2nd ref; (4) Revoking Art50; (5) Canada-style free trade agreement (6) Customs Union 2.0 (Norway-style pivot); and (7) Joining the Single Market.”

BOTTOM LINE - Beyond the indicative votes, Conservative Brexit hardliners may now realize that PM May's deal is their only chance of achieving anything resembling the Brexit they want... the ERG group (a group of hard Brexiteers) have asked PM May to give a cast iron timeline on when she is likely to step down as PM as a pre-requisite to potentially getting their support to pass her deal – PM May has reportedly done so, according to press reports.”

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD extends recovery to 1.1260 price zone in dull trading

Wall Street may have opened, but FX traders are nowhere to be found: majors continue trading within in limited intraday ranges as Easter Monday kept most investors away from their desks.


GBP/USD at daily lows after failing to regain 1.3000

Brexit uncertainty and market talks suggesting PM May could be ousted by Conservative lawmakers keep the Sterling among the weakest currencies. Crucial support at 1.2959, March low.


USD/JPY: lifeless just below 112.00

Japanese Nikkei moved marginally higher, also US Treasury yields in thin market conditions. US to release minor macroeconomic data as markets slowly return to normal.


Bitcoin price analysis: BTC/USD bulls come back; eyes glued on $5,400

BTC/USD is trading higher highs and higher lows within a rising channel. The upside correction comes after the weekend trading saw Bitcoin explore the levels close to $5,200 but formed a low at $5,220. 

Read more

Gold: Intraday positive move falters near 100-hour SMA

The precious metal was seen trying to build on Friday's attempted bounce from a support marked by 50% Fibonacci retracement level of the $1196-$1347 recent up-move.

Gold News