Boris Johnson Promised To Deliver Brexit By Deadline

GBP

In his first speech after becoming British Prime Minister on Wednesday. Boris Johnson promised to deliver Brexit by Oct. 31 , also stating that he would strike a new deal with the European Union. The new PM was quoted as saying “The people who bet against Britain are going to lose their shirts because we are going to restore trust in our democracy, and we are going to fulfill the repeated promises of parliament to the people and come out of the EU on October 31, no ifs or buts.”

Johnson also said he was convinced the UK and EU could strike a “better deal” than the one agreed with his predecessor, Theresa May. Also hitting out at so-called pessimists who did not believe Brexit could be delivered, and vowed to take personal responsibility for a range of improvements he wanted to see to the UK.

EUR

The euro fell to a two-month low against the dollar and lost ground against the pound, early yesterday morning. Hit by weak economic data that bolstered speculation the European Central Bank could undertake aggressive monetary policy easing as soon as this week. Financial markets are focused on the ECB and Fed policy meetings. Money markets are pricing in a 54% chance of a 10-basis-point cut at Thursday’s ECB meeting. The probability rose after the eurozone purchasing managers’ index unexpectedly fell to a three-month low of 51.5 in July from 52.2 in June.

Key Announcements

12:45 – EUR: ECB Interest Rate Decision Expected to be unchanged at 0%
13:30 - USD: Initial Jobless Claims Expected to be higher at 219K from 216K
13:30 - EUR: ECB Monetary Policy and Statement and Press conference