Sterling Makes Recovery

GBP: The Pound rebounded to its highest level in a week after British lawmakers seized control of the parliamentary timetable to try to block a no-deal Brexit…

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Sterling was previously at three-year lows before the parliament vote, so yesterday was another volatile session.

Lawmakers who defeated Prime Minister Boris Johnson’s government are expected to introduce a bill on Wednesday seeking to stop Britain from leaving the European Union on October 31 without transitional arrangements. Johnson is expected to table a motion for an early election.

Appetite for sterling was not dented, even by the weaker-than-expected services purchasing managers’ (PMI) survey, though the figures came as a reminder that Britain’s economy is in serious danger of entering a recession.

Yesterday European Central Bank presidential nominee, Christine Lagarde, pledged to act with “agility” against inflation that is persistently too low, signalling that she’ll follow Mario Draghi’s example in finding ways to keep monetary policy exceptionally loose.

Key Announcements 

13:15 – USD – ADP Non-farm employment change expected at 148K

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