22/11/2018 – Theresa May To Agree Brexit Blueprint


Sterling had a fairly steady day on Wednesday, as it was propped up by hopes that Theresa May can agree a blueprint for an exit deal and post-Brexit ties with the European Union. This follows on from the Tory Lemmings leadership challenge appearing to lose steam, with an apparent 11 votes still needed to force the vote through.

Later in the day, Theresa May met with the EU’s Chief Executive Juncker to discuss that very blueprint for Britain’s future ties. The main purpose will be for May to take commitment back to the UK that will appease rebels at home. EU envoys will meet on Thursday morning to discuss the outline of future ties. Negotiators will then meet on Friday to look at it again.

Despite this newfound optimism, May still faces fierce opposition to her Brexit deal and the odds are still stacked against her om terms of getting the terms signed off by Parliament. Concerns still remain over the Irish Border, and fears are resurfacing over Gibraltar and fishing.


The Euro rallied yesterday after Italian Prime Minister Giuseppe Conte expressed concern about the government bond spread and pledged reforms. This followed a report that Italian Deputy Prime Minister Matteo Salvini may be open to reviewing the fiscal plan for 2019. However, later in the day he expressed that he was not open to negotiations over Italy’s deficit target of 2.4% of GDP, though other aspects of the budget could be discussed.

Key Announcements

12.30 – EUR: ECB Monetary Policy Meeting Accounts