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Market Reports

9:01am, December 12th 2018

No confidence vote imminent?

Yesterday afternoon/evening, headlines were dominated by news that the infamous Tory 1922 Committee had indeed received enough letters to put forward a motion of no confidence in Theresa May. Sterling plunged as the rumour spread across news wires, $1.25 eventually gave way on the cable rate while €1.10 managed to remain as support for the GBPEUR pair. It seems Monday’s decision to defer the vote, mixed with her lacklustre performance in Parliament defending her strategy, was enough to push those last Tory MPs over the edge. Graham Brady, the chairman of the 1922 Committee, has requested to see PM May after today’s Prime Minister’s Questions. At the moment, headlines that Brady has the 48 letters are simply rumours!!! We’ve been in this position before, regardless of however likely it appears this time round we must all wait for it to be officially announced. There’s only one person who knows for sure at present and that’s Graham Brady himself. Both Theresa May and sterling await their fate…

Today sees an important release from across the pond. The consumer price index will be released this lunchtime. This follows comments last night from President Trump stating that the Fed would be foolish to increase rates next week. He continued by reminding everyone that’s he’s “fighting some trade battles” and needs “accommodation”. Ahead of next week’s Fed announcement we’ll have a dose of Super Mario Draghi taking place tomorrow. The question on everyone’s mind – how hawkish or dovish will he be in the face of the recent market volatility and the fact his central bank are now beginning the process of ending quantitative easing.

It appears the motion for no confidence was literally imminent. Moments before our report was set for release it transpires the motion has now been triggered with a ballot set for tonight between 1800 to 2000 GMT – buckle up! More to follow…

Written by Viv Savani. 9:01am, December 12th 2018

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

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