GBP/USD dipped below 1.32 yesterday after the Speaker of the House of Commons, John Bercow, ruled out another vote on Theresa May’s deal unless MPs are provided with a new motion, citing a convention dating back to 1604. It doesn’t leave much time and with only 11 days to go until the UK officially leaves the UK, albeit the date is likely to be extended if no deal can be reached before then, some ministers are warning of a “constitutional crisis”.
Even if the government do end up ramming a third vote through, it won’t make too much sense until they’re able to reach some agreement with the DUP. According to some reports, these talks with the DUP are stalling. And yet, GBP/USD has recovered overnight because in many respects not much has changed; either a deal still may be voted through before the end of March or the deadline is extended.
Other than Brexit headlines, traders will be keeping an eye on average earnings and employment data today.