GBP/AUD downside completed...
UK Government legal opinion is that the Internal Market Bill is not unconstitutional and parliament would not be such if it enacted it, while UK Minister Gove later commented that the UK will not discard the Internal Markets bill. (Newswires)
A Tory grandee rebellion is reportedly underway to give Parliament a veto on the Government’s plan to override the Withdrawal Agreement. (The Sun)
Twitter source noted that senior Tories suspect the opposition Labour party may abstain over the Internal Market Bill. (Guido Fawkes/Twitter)
EU diplomats stated that the EU-UK committee session did not clear EU concerns over the internal market bill. Furthermore, an earlier report stated that European Council's Sefcovic was to tell UK's Gove that the internal market bill is a “clear and substantive” breach of the withdrawal treaty, while the EU will take legal action that could lead to a trade war, although not right now. (Newswires)
EU Commission said the UK has seriously damaged trust, while it called on the UK to withdraw the measures from Internal Markets Bill in the shortest time possible by month end and reiterated the threat of legal action. (Newswires)
EU Chief Brexit Negotiator Barnier said the EU is intensifying preparations on all scenarios and that significant differences remain in areas of essential interest for the EU. (Newswires)
BoC Governor Macklem said COVID-19 pandemic may accelerate some global forces that could make growth less inclusive, while he added the pandemic has put us in a very deep hole and we still have a long climb ahead. Macklem also stated that inflation is to run below 2% target in near-term and lower global demand for oil means investment in hiring sector likely to remain weak and some projects may never come back on stream.
Furthermore, he commented that CAD has appreciated less against the dollar in the past month than other currencies with the level to be taken into account when assessing how much stimulus is needed and that QE will be calibrated or adjusted to deliver stimulus needed to support recovery and get inflation back to target, while they will assess what and how much to buy in QE program which could be more or could be less going forward.
A Tory grandee rebellion is reportedly underway to give Parliament a veto on the Government’s plan to override the Withdrawal Agreement. (The Sun)
Twitter source noted that senior Tories suspect the opposition Labour party may abstain over the Internal Market Bill. (Guido Fawkes/Twitter)
EU diplomats stated that the EU-UK committee session did not clear EU concerns over the internal market bill. Furthermore, an earlier report stated that European Council's Sefcovic was to tell UK's Gove that the internal market bill is a “clear and substantive” breach of the withdrawal treaty, while the EU will take legal action that could lead to a trade war, although not right now. (Newswires)
EU Commission said the UK has seriously damaged trust, while it called on the UK to withdraw the measures from Internal Markets Bill in the shortest time possible by month end and reiterated the threat of legal action. (Newswires)
EU Chief Brexit Negotiator Barnier said the EU is intensifying preparations on all scenarios and that significant differences remain in areas of essential interest for the EU. (Newswires)
BoC Governor Macklem said COVID-19 pandemic may accelerate some global forces that could make growth less inclusive, while he added the pandemic has put us in a very deep hole and we still have a long climb ahead. Macklem also stated that inflation is to run below 2% target in near-term and lower global demand for oil means investment in hiring sector likely to remain weak and some projects may never come back on stream.
Furthermore, he commented that CAD has appreciated less against the dollar in the past month than other currencies with the level to be taken into account when assessing how much stimulus is needed and that QE will be calibrated or adjusted to deliver stimulus needed to support recovery and get inflation back to target, while they will assess what and how much to buy in QE program which could be more or could be less going forward.
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