No way' enough ERG Tories will switch for May's deal to pass, says ERG source - Guardian

Ross J Burland FXStreet

The Guardian is reporting that an ERG source has sent out some lines from the speech that Steve Baker, the ERG deputy chairman, gave at the ERG meeting this evening.

"It turns out he really did talk about bulldozing parliament - Baker said:

I’m consumed with a ferocious rage after that pantomime [May in the ‘22] ...

What is our liberty for if not to govern ourselves?

Like all of you I have wrestled with my conscience about what to do.

I could tear this place down and bulldoze it into the river.

These fools and knaves and cowards are voting on things they don’t even understand.

We’ve been put in this place by people whose addiction to power without responsibility has led them to put the choice of no Brexit or this deal.

I may yet resign the whip rather than be part of this.

The source said that Baker received an enormous standing ovation at the end of the speech and that he was hugged by Jacob Rees-Mogg and others afterwards. “We are not a hugging group,” the source said.

He also said he thought there was “no way” that enough ERG members were going to switch for Theresa May’s deal to pass."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD retreats below 1.1800 as EU-US trade relations sour

EUR/USD loses its traction and retreats below 1.1800 following the earlier climb. The data from Germany highlighted a modest improvement in business sentiment in February but failed to help the Euro as investors assess the US-EU trade relations following Trump's global tariff hike announcement.

GBP/USD rises toward 1.3550 as tariff confusion slams USD

GBP/USD extends the advance toward 1.3550 on Monday. The US Dollar faces intense selling pressure as tariff uncertainty lingers following US President Trump's latest announcement. Traders will take more cues from the broader market sentiment and central bank talks.

Gold climbs above $5,100 on broad USD weakness

Gold sticks to its bullish bias near the monthly above $5,100 on Monday. Renewed trade-war fears, along with rising geopolitical tensions in the Middle East, turn out to be key factors that underpin the safe-haven precious metal and validate the constructive outlook.

Cardano braces for impact as US tariff storm brews

Cardano is down 4% at press time on Monday, entering its third consecutive day of decline. Bearish bias in Cardano’s derivatives market positional buildup aligns with rising pressure on the broader cryptocurrencymarket amid US President Donald Trump's reassessment of global tariffs and domestic conflict with the US Supreme Court.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Top Crypto Losers: Zcash, Pump.fun, and LayerZero extended losses as Bitcoin loses $65,000

The cryptocurrency market starts the week in panic mode, with altcoins Zcash, Pump.fun, and LayerZero. Bitcoin falls below $65,000 as the US President Donald Trump regroups amid renewed trade policy risks.