Rational Thinking: MPs Plan Legislation…

Last Week
GBP:

  • G7 summit saw Boris Johnson more optimistic about a potential agreement with the EU.
  • The Pound railed after Jeremy Corbyn’s talks with opposition about legislation to prevent a no-deal Brexit and an extension of the current deadline.
  • The Queen gave the green light to Boris Johnson for Parliament suspension, causing Sterling’s gains to be reversed.
  • Parliament suspension saw Sterling jump to its highest level since December 2018.

USD

  • Trade tensions continue to escalate between the US and China. Both nations want to raise tariffs against each other which saw the dollar fall.
  • The Dollar recovered later during the week when both parties spoke about the ongoing trade situation hoping for more favourable conditions.
  • On Friday, Trump confirmed that a meeting on trade between the US and China is still scheduled for September.

Week Ahead
GBP:

  • Inflation report hearings
  • MPs return to parliament and are looking to put forward a legislation to prevent a no-deal Brexit

USD

  • Manufacturing PMI
  • Average hourly earnings m/m
  • Non-farm employment change
  • Unemployment rate
  • FED Chair Powell Speaks

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