Parliament of the United Kingdom starts examining the Brexit bill — Key points and schedule for December 4th
◎ Today's Highlights
1)UK Parliament
Starting today, deliberations begin to decide the Brexit bill. Also today, a parliamentary testimony by the Bank of England (Governor Carney, Deputy Governor Broadbent (Monetary Policy), Deputy Governor Kanit (Financial Stability), Deputy Governor Woods (Financial Regulation)) regarding“Brexit Withdrawal Scenario and Monetary Policy / Financial Stability” reportis scheduled. As you can tell from the title and the members, a stormy move for the pound is anticipated... Apart from short-term trading, it would be prudent for swing traders to avoid touching the pound.
2)RBA Policy Rate Announcement
Australia's economy is on a growth trajectory, but a rate hike would push expectations to post-2020 for the majority. This time too, expectations are for no change; the focus is on the statement. Will there be a sooner-than-expected rate hike? Is Australia’s economy strong? What are the upcoming concerns? These are in focus.
3)Eurozone Issues
Regarding Italy’s budget, various statements are emerging. Indeed, Italy’s budget is deep-rooted and highly scrutinized, but there are other concerns as well.France’s anti-government protestsreflect discontent with President Macron. Macron’s declining approval ratings bolster the rise of the far-right party Le Pen. Le Pen’s advance could lead to EU turmoil.
Furthermore,if the UK fails to approve the Brexit bill and opts for a hard or no-deal Brexit, the contributions the UK pays to the EU will stop. UK contributions constitute a large share of the EU budget. The EU is inwardly anxious that the UK may choose a no-deal departure.
◎ Today’s Events Schedule
Tuesday, December 4
EU Finance Ministers Council
UK Parliament — Brexit Bill Deliberations
12:30 AUDRBA Policy Rate Announcement and Statement
17:15 CHF Swiss CPI (Consumer Price Index)
18:15 GBPGovernor Carney’s BOE Speech
18:15 GBPDeputy Governor Broadbent’s Speech (Monetary Policy)
18:15 GBPDeputy Governor Kanliv’s Speech (Financial Stability)
18:15 GBPDeputy Governor Wood’s Speech (Financial Regulation)
Testimony to Parliament on the “Brexit Withdrawal Scenario and Monetary Policy / Stability”
18:30 GBP Construction PMI
23:00 (approx.) NZD World Dairy Prices Index
03:00 GBPBoE External MPC Member Speaking
09:30 AUD Australia GDP
10:45 CNY Caixin Services PMI
