MPs To Rush Emergency Bill

GBP

Yesterday news emerged MPs will mount an audacious bid to legislate against a no-deal Brexit today by rushing an emergency bill through parliament to force Theresa May to request a delay to leaving the EU. A cross-party group opposed to a no-deal Brexit will bring forward a bill requiring the prime minister to put forward a proposal to extend article 50. This means the UK cannot leave the bloc with no deal by default.

The effort is being led by Yvette Cooper, a senior Labour MP, and Sir Oliver Letwin, a Tory former minister, who want to get their one-line bill through the House of Commons in just one day. The legislation may then be debated in the House of Lords as soon as Friday or Monday.

EU negotiator Michel Barnier has said strong justification needed to extend article 50 beyond 22 May and a no-deal Brexit is “very likely” and becoming more likely by the day. French president Emmanuel Macron added that it would be the UK’s fault if there was a no-deal Brexit. Macron said that after three years if they are unable to propose a solution backed by a majority, they will de facto have chosen for themselves to leave without a deal.

Reports released late last night revealed Theresa May is expected to meet Jeremy Corbyn later after she said she wanted to work with the Labour leader to break the Brexit deadlock. May hopes the two of them can come up with a modified version of her deal with the EU that can secure the backing of MPs. Corbyn said he wants a customs union and workers' rights to be priorities. Tory Brexiteer Boris Johnson has accused Mrs May of "entrusting the final handling of Brexit to Labour" and Jacob Rees-Mogg, another prominent Brexiteer, described the offer as "deeply unsatisfactory" and accused Mrs May of planning to collaborate with "a known Marxist".

USD

The Commerce Department in the US revealed new orders for key goods slipped in February in part due to slowing global growth and a trade war between the United States and China. Orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, fell 0.1 percent.

Key Announcements

09.30 - GBP: Services PMI; Forecast 51.0 against previous of 51.3
13.15 - USD: ADP Non-Farm Employment Change; Forecast at 184K against previous of 183K
15.00 - USD: ISM Non-Manufacturing PMI; Forecast at 58.1 against previous of 59.7