Pound Decline Continues into Fourth Day.
The pound has continued its fourth day of declines and remains under heavy selling pressure as hard Brexit fears are again centre stage.
There was always a perceived risk of a hard Brexit with the new majority Conservative government, but it has become relevant far sooner than expected. With sterling peaking at GBP/USD 1.3514 after the election it has now fallen below 1.31 with the transition period now set to end in December 2020.
As a new leader is sought for the Labour party following their worst election result since 1935, former Prime Minister Tony Blair has warned that Jeremy Corbyn’s delayed departure will cause “irreparable damage” if the failings of the election are not addressed.
Mr Blair is due to give a speech today in which he criticises the “sectarian ultra-left policies” that he believes have taken over the party and that, “Labour needs not just a different driver, but a different bus.”
The House of Representatives is set to impeach Donald Trump in what is being referred to by many as a “dark day” for American politics.
Donald Trump will be only the third president in 240 years to have been impeached. The 45th President will be charged by the House Democratic majority with two articles of impeachment, which are abusing his power and obstructing Congress by trying to lure Ukraine into interfering in the 2020 election. It is expected that the vote to impeach President Trump will be brought to the House sometime today.
|08:30||EUR ECB President Lagarde speech||Speech||-|
|09:30||GBP Consumer Price Index (YoY) (Nov)||1.4%||1.5%|
|13:30||CAD BoC Consumer Price Index Core (YoY) (Nov)||1.9%||1.9%|
|21:45||NZD Gross Domestic Product (QoQ) (Q3)||0.6%||0.5%|