Key figure behind the Brexit plan, Attorney General Cox's remarks!? ~Points of interest on March 18 and schedule~

The pound rose as the UK awaited a third vote on its withdrawal agreement. Last week, votes were repeated, but the only thing decided was to request an extension of the withdrawal deadline to June 30. However, even that is uncertain whether it will be acknowledged at the EU Summit. Therefore, another vote is expected before the EU Summit with hopes that the withdrawal agreement will be approved. By the end of the weekend, many aspects of the vote remained unclear, but expectations were rising. This week, keep an eye on the UK's Brexit developments!

◎ Today's Highlights

1) UK Parliament

There are 3 days left until the EU Summit, and Prime Minister May is negotiating through the weekend toward the approval of the withdrawal agreement. There has been no clear progress, but it appears highly likely that a third vote on the withdrawal agreement could take place by the 20th. The key person is Chancellor of the Exchequer Cox.

Before the previous vote, Prime Minister May's withdrawal agreement was opposed by the DUP in Northern Ireland because, in a legal opinion, Chancellor Cox stated that the risk remained unchanged. Cox is reviewing the legal opinion again. Depending on the content, the DUP is expected to come on board in support. Also, if the DUP supports it, the hardline wing of the Conservative Party is expected to lose its stance and align with the compromise.

Thus, attention is on Chancellor Cox's legal opinion. Since the timing of the announcement is uncertain, it could come out today. If it is announced, the pound is likely to move sharply. This is something to watch closely.

2) US-China Relations

Recently, there has been talk that the US-China summit could occur in mid-April or in June, but at the high level, there are reports of resumed telephone talks between USTR representative Lighthizer and others. If progress is made in trade negotiations, it could be a risk-on factor. We should pay attention to the headlines.

◎ Today's Event Schedule

March 18 (Monday)

08:50 JPY Trade Balance

19:00 EUR Trade Balance

March 19 (Tuesday)

05:00 NZD Westpac Consumer Confidence Index

07:00 AUD Kent RBA Assistant Governor Speech

09:30 AUD Housing Price IndexRBA Board Meeting Minutes