Another MP leaving
Yesterday, George Eustice, a Brexit-backing environment minister resigned over Brexit delay vote promised by Prime Minister Theresa May, if her deal is rejected in Parliament on March 12th. The MP said that article 50 extension would lead to an “humiliation” for the UK. On the data front, Nationwide released its latest house price index, confirming that the market remains subdued with prices only 0.4 per cent higher than the same time last year. The pound boosted by Brexit optimism earlier this week has lost some of its gains and is currently trading at 1.1640 against the EUR and 1.3240 against the US dollar.
The common currency picked up yesterday and jumped to a high of 1.1420 against the US dollar after the Euro zone’s biggest economy suggested a pickup in inflation. As it turns out, the German annual inflation remained below the European Central Bank’s target level for a third month in a row in February, implying that price pressure is still moderate. The move of EUR/USD above 1.14 was however short-lived as the US fourth-quarter annualised GDP came in at 2.6 per cent, beating analysts expectation. The greenback strengthened and reverted to its opening rate of 1.1370.
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