Brexit and access to single market debate rears its head
Currencies Direct November 29th 2016 - 2 minute read
With regards to the latest Brexit scenario, pro-EU campaigners have, unsurprisingly, declined the backing of a new legal challenge regarding the Brexit outcome.
Migration reform and continued access to the single market are key issues that continue to arise throughout the debate, and there are rumours that both could be kept by triggering Article 50, as another Article (127), would need to be activated to depart EEA membership. Confused? Aren’t we all! It’s yet another sticky problem for Theresa May and Downing Street, who are continuing to fight to prompt Article 50 without Parliament agreement.
Mario Draghi too had his say on the single market, by stating that the EU shall not weaken its position to cater for the UK’s decision to leave. Limiting the migration flow into the UK was seen as the main driver of the Brexit victory, but the EU has been stern in its concern that limiting the flow of people will not be tolerated if the UK wishes to carry on its free trade with the current members.
Wednesday key for oil
Wednesdays OPEC meeting will be a key mover for oil, as the group look again to try and curb the production of its product. With so many heavy weights involved, it isn’t a shock to see the likes of Iran and Saudi Arabia all chipping in, but Russia (a non OPEC member), who have just announced they do intend to meet with its counterparties on Wednesday, have dealt another blow to the over production of oil, hence weakening its value on the market.
Data to come
German Consumer Price Index is the main piece of data out for digestion today, along with with Mortgage Approvals in the UK and Net Consumer Credit. Ending today’s volatility will be US Gross Domestic Product and Consumer Confidence data.