Deliberations on the exit plan near their final stage, the pound is to be watched closely! ~ Key points and schedule for January 11 ~

Yesterday, the ECB Governing Council minutes were released. The content was as expected dovish. Following that, Federal Reserve Chair Powell's remarks were also dovish. U.S. stocks rose in response to Powell's comments, and the risk-off trend has eased.

◎ Today's Highlights

1) UK Parliament and Brexit Plan Deliberations

Ahead of the Brexit plan vote on the 15th next week, discussions are continuing in the UK Parliament. Attention is on the progress of deliberations and on key statements regarding Brexit. There is also focus on how to respond if the vote is rejected next week.

The figure below is from last year, but I think the flow of this voting could resemble the diagram below this time as well. Government policy statements and scheduling adjustments are also being coordinated.

Additionally, opposition parties are presenting motions of no confidence and calls for another referendum. I plan to keep an eye on these developments.

2) U.S. Indicators and Congress

Today, the U.S. CPI (Consumer Price Index) is scheduled for release. It is an important indicator given concerns about recession and economic slowdown. In addition, there is ongoing divergence over the budget proposal and the construction of the border wall with Mexico. President Trump has said he would use a national emergency if necessary. We are watching closely to see whether a real national emergency declaration will be made.

3) Three-day Weekend and Weekend Factors

Today marks the weekend before a long holiday. The recent flash crash is still fresh in memory. Fluctuations like flash crashes tend to occur when liquidity is low during weekends, holidays, or early in the week. Therefore, I think it is important to adjust positions carefully. Also, since position adjustments are more likely to occur, be cautious of London FIX and sharp moves close to close.

◎ Today's Economic Calendar

Friday, January 11

09:30 AUD Retail Sales

17:20 EUR ECB Executive Board member Guindos remarks

18:30 GBPGDP・Trade Balance

22:30 USDCPI (Consumer Price Index)

Saturday, January 12

01:00 EUR Visco, President of the Italian Central Bank, remarks

03:00 USD Baker Hughes Rig Count

04:00 USD Monthly Budget Statement