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Despite there being a lack of key data releases, two events that have the potential to impact heavily upon market sentiment would be closely watched today.
Domestically, Parliament reconvenes after its February recess and the House of Lords will begin debating the government’s bill to enable the activation of the Article 50 process to leave the EU. The bill emerged unscathed through the House of Commons, and the Lords seem likely to make only modest tweaks. But the amendments do not seem likely to endanger the government’s end-March timetable for activation.
Depending on the extent of the proposed changes, activation could even coincide with the EU Council meetings scheduled for 8-10 March.
Sterling is down 0.5% against the US dollar last week. It’s also down by that much today, Friday. The yen is up 0.4% on the week and on the day. You get the picture -the ranges are small, with G10 currencies trading within just over 1% against each other. The Anglo-Saxon block is at the bottom of the pile, and within that Sterling is weakest thanks to some soft retail sales numbers at the end of the week.
AUD, CAD, and USD all traded slightly better but they, in turn, traded in minuscule rangers against each other. At the other extreme, the non-Euro European currencies do best, recouping ground lost in the first ten days of the month. As for the yen, it’s up 0.2% against the Euro, 0.4% against the dollar.
