Euro set for biggest daily gain against pound in a week as Brexit countdown has shown 100 days to go. With 100 days to go before Britain is scheduled to leave the European Union, PM Theresa May goes on tour.
May attempts to convince sceptical political and business leaders in Scotland, Wales and Northern Ireland to support her Brexit deal.
With just 100 days left, businesses and the EU ramped up planning for the risk of a non-deal Brexit. This would be the nightmare scenario for many companies which are now planning for an economic shock.
Theresa May’s failure to find a deal the British parliament will approve means UK now faces three main choices: agreeing a last-minute deal, halting Brexit or leaving the EU without a deal.
May is yet to win the support of a deeply divided parliament to maintain close ties with the bloc.
Brexit timeline: What’s next in the following 100 days until Brexit?
• December 21 — January 6. Parliamentary recess.
• Mid-January. House of Commons vote on Brexit which was due to vote on December 11 but cancelled by the Prime Minister the day before.
• January 22 or before? No-confidence motion? If the deal falls, or even if it does not, the government could face a no-confidence motion.
• February 11 or before? Parliament takes back control? If May is defeated in a meaningful vote on her deal, the government must report back on its future plans.
• January-February. Deal has to pass into UK law.
• Until March 29 2019. Brexit deal must also be approved by the European Parliament in a plenary vote.
• March 29 2019. Brexit day
Forex – Commodities – Brexit countdown: 100 days left
The euro notched up its biggest daily rise against the pound in more than a week on Wednesday. Diminishing political worries in Italy and strong trade data contrasted with growing concerns about Britain’s plans to avoid “no-deal” Brexit.
The dollar weakened on Wednesday as investors bet that the FED would signal plans to slow its pace of interest rate rises. The dollar index was down 0.3%, hovering near a one-week low as it extended losses into the second day.
The safe-haven yen and the Swiss franc both strengthened. They each added a little more than 0.1%on the dollar, changing hands at 112.33 and 0.9916 respectively.
Sources: Reuters, Financial Times, Bloomberg
PLEASE NOTE The information above is not investment advice.