On Tuesday morning, GBPUSD is trading upwards. The United Kingdom has agreed on the Brexit delay.
The British Pound continues growing against the USD on Tuesday. The current quote for the instrument is 1.3090.
Early in the morning, it became known that the UK’s House of Commons had approved the Brexit delay law. After the document comes into effect, the British Prime Minister Theresa May will start choosing a new Brexit date. After that, it will have to be approved by the British Parliament and then against by the European Union
More details are expected to appear soon. On Wednesday, April 10th, the European Union will have an unscheduled summit with just one point on the agenda – the Brexit. If the new Brexit date isn’t approved there, the exiting procedure will start on April 12th according to the “hardcore” scenario for the United Kingdom. In other words, British lords have to look at the calendar after all and start acting very quickly.
Investors are getting rather tired of this endless soap opera, in which May is fighting British slowness and medieval principles, losing her voice, nerves, and a good name, while houses of Lords and Commons are rejecting one deal after another without even offering something meaningful idea in return.
In the morning, the United Kingdom reported on the BRC Retail Sales Monitor, which lost 1.1% y/y in March against the expected reading of -0.7% y/y. However, taking into account the degree of uncertainty in the country’s economy, the numbers seems quite logical.