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Monday was another positive day for Sterling which made further ground on all of its major counterparts, as the markets were still taking in Donald Trump’s inauguration and his decision to sign a bill that formally withdraws the US from the Trans-Pacific partnership trade deal. In what could be a sign of the upcoming future under Trump, uncertainty over the US economy could be rife in 2017 as very few know what to really expect from one of the world’s most powerful men.
Supreme Court rules in favour of parliament
This morning, the Supreme Court has ruled by 8 votes to 3 that the government cannot trigger article 50 without act of parliament. Lord Neuberger said that the government generally has a prerogative of power to change treaties, however, it cannot do so if it has any effect on people’s rights.
These latest findings were anticipated; however, in the immediate aftermath, the markets have reacted with Sterling falling slightly from where it started earlier today. Whilst the government will be disappointed with the ruling, Theresa May will have been fully aware of what she was facing when it comes to negotiating the best possible Brexit plan for the UK in coming weeks.
Other focus will be on the Eurozone
Today Mario Draghi is due to speak in the Asian time zone today, which could create some ripples, especially if he reiterates last week’s dovish mantra, which could put a bit of a cap on the euro. We also have European flash services and manufacturing PMI out early this morning which could potentially cause some movement.
