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Yesterday’s main event was the UK Supreme Court’s decision regarding Article 50 and it went just as markets had anticipated. The High Court’s ruling was upheld meaning that the UK Parliament must have to vote in order to trigger Article 50.
The Court’s decision did, as expected, coincide with some Sterling volatility. However, ranges were limited, causing no lasting effects. On the other hand, over in the Eurozone, we had a pretty busy day in terms of macroeconomic data which actually held no major surprises and therefore didn’t give up much market movement.
Today’s data release
Yesterday was quiet in the US too but we are due to see the Crude Oil Inventory release at 3:30PM today. While the Eurozone and UK will be quiet today, we’re expecting to see quarterly CPI data out from New Zealand at 9:45PM. Earlier this morning, the German IFO Business Climate was released and came out negative, with a final figure 1.5 points lower than forecasted.
Focus on Italian Supreme Court’s decision
On the political side of the Eurozone today, we’re expected to see the Italian Supreme Court rule on the constitutionality of the Government’s reform to electoral law. The outcome could affect the calling of early elections so we’ll have to wait and see.
As a whole, the markets are expected to remain subdued today while Sterling remains sensitive to further Brexit updates and we all await Trump’s first official moves as president and their effect on the US Dollar.
