1 octobre 2019 â 3 min read
Chancellor Sajid Javid was seen waving his metaphorical chequebook at the Tory Party Conference yesterday, including making promises to raise the national living wage to ÂŁ10.50 per hour whilst lowering the minimum age threshold. Should that promise come to fruition, those affected will have an extra ÂŁ,1400 per year in their pocket. Sajid Javidâs chequebook frivolity continued as he built on promises that the UK will have a âsignificant economic policy responseâ by revealing further infrastructure investment plans.
The poundâs performance for the start of the month canât match that seen at the start of September, but there is a sustained confidence that a âno-dealâ Brexit can be avoided.
Downing Street will, in a series of calls to EU capitals, set out Boris Johnsonâs preferred alternative to the Irish backstop ahead of the formal text being delivered to Brussels after his speech on Wednesday.
Reports suggest that a series of custom clearance centres to replace the backstop have been denied â instead reports have been confirmed by senior sources with knowledge of the UK proposals that a full custom border is required, but with added technology to smooth the movement of goods.
Following both reports, Irish Foreign Minister Simon Coveney has commented that itâs time the EU had a serious proposal from the UK, if a Brexit deal is to be achieved this month, suggesting that confidence in the proposal is low. However, it is possible that the reports were leaked in order to âtest the watersâ before making final amendments.
Yesterday, we saw UK GDP at -0.2% change, Eurozone unemployment fall to an 11-year low by 0.1% to 7.4%, and Australia cut rates to a record low of 0.75%.
Key data releases today include UK Manufacturing PMI, Core EU Flash YoY Inflation Rate, US Manufacturing PMI and Construction Spending, EU PMI, and Mario Draghi speaks later this evening.
Rates at time of writing:
GBP/USD â 1.2295
GBP/EUR â 1.1294
EUR/USD â 1.0887
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