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The United Kingdom’s gilts suffered during Tuesday’s afternoon session, ahead of Bank of England’s (BoE) Governor Mark Carney keynote speech on February 12 by 13:00GMT and the country’s consumer price inflation (CPI) data for the month of January, due on February 13, which will provide further direction to the debt market.
The yield on the benchmark 10-year gilts, remained flat at 1.181 percent, the super-long 30-year bond yields remained tad higher at 1.690 percent and the yield on the short-term 2-year traded 1/2 basis point higher at 0.728 percent by 11:20GMT.
All eyes in the UK will be on Theresa May’s latest statement to Parliament on Brexit this afternoon. But we don’t expect to hear anything particularly new, with May simply likely to continue to argue that she needs more time to try to strike a deal with the EU, Daiwa Capital Markets reported.
So, on Thursday, MPs will debate the continued lack of progress and vote on proposed amendments to a ‘neutral’ government motion on the state of play, just as they did on 29 January. As on that occasion, theoretically those votes could establish new Parliamentary processes to allow MPs to influence more substantively the future course of Brexit policy.
But the failure of MPs to agree anything last month suggests that the Parliamentarians will likely similarly fail to take greater control of the process this week. Instead, in line with Government’s latest proposal on the timetable, if no new decal with the EU has been reached by then, Parliament will be able to come back again at the end of February to discuss progress and vote on next steps, with a meaningful vote then most likely to be held next month, the report added.
Meanwhile, the FTSE 100 remained 0.38 percent higher at 7,156.00 by 11:25GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bearish at -121.48 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
