GMTAuthor: Justin Low

The request is now with the speaker's office

Brexit
Now that the request has been made, we could see a three-hour debate on the subject at any given time. McGovern's request here comes with a potential vote to force May to rewrite her letter to the EU to include a longer extension option.

As mentioned earlier, it's part of an effort of parliament to try and take control of Brexit proceedings from the government. Of note, there's also talks now that we could see a re-table of the Benn-Cooper amendment last week (which failed) to debate on Brexit next steps and pave the way for indicative votes. Just something to take note of as well.
ForexLive

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Wed 20 Mar 2019 09:57:31 GMT

AUD/USD recovers to session highs as buyers look to regain near-term control

AUD/USD touches a high of 0.7093 on the day ForexLive The aussie was weighed sharply lower earlier today as RBA's Bullock raised concerns about Sydney home prices and iron ore futures took a tumble after Vale was given permission to open back one of its major iron ore mines in Brazil. AUD/USD fell to a low of 0.7057 but since then it has been a steady climb higher for the pair.

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AUD/USD recovers to session highs as buyers look to regain near-term control


//az705044.vo.msecnd.net/20190320/3-20-2019-5-50-11-pm.png Justin Low
Wed 20 Mar 2019 09:57:31 GMT
Author: Justin Low
Category: Technical Analysis
0


AUD/USD touches a high of 0.7093 on the day ForexLive The aussie was weighed sharply lower earlier today as RBA's Bullock raised concerns about Sydney home prices and iron ore futures took a tumble after Vale was given permission to open back one of its major iron ore mines in Brazil. AUD/USD fell to a low of 0.7057 but since then it has been a steady climb higher for the pair.

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Pres. Trump rails against FB, Google and Twitter.
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Wed 20 Mar 2019 09:46:58 GMT

1

Tusk reportedly said to be releasing an 'interesting' letter on Brexit today

Bloomberg reports, citing an EU official The headline here doesn't include a specific time so much like everything else Brexit-related, just keep your eyes and ears peeled.

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Tusk reportedly said to be releasing an 'interesting' letter on Brexit today


//az705044.vo.msecnd.net/20180911/may-tusk.png Justin Low
Wed 20 Mar 2019 09:46:58 GMT
Author: Justin Low
Category: News
1
Bloomberg reports, citing an EU official The headline here doesn't include a specific time so much like everything else Brexit-related, just keep your eyes and ears peeled.

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Wed 20 Mar 2019 09:30:03 GMT

UK February CPI +0.5% vs +0.4% m/m expected

Latest data released by ONS - 20 March 2019 - -0.8% - CPI +1.9% vs +1.8% y/y expected - Prior +1.8% - Core CPI +1.8% vs +1.9% y/y expected - Prior +1.9% ForexLive

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UK February CPI +0.5% vs +0.4% m/m expected


//az705044.vo.msecnd.net/20190320/3-20-2019-5-34-01-pm.png Justin Low
Wed 20 Mar 2019 09:30:03 GMT
Author: Justin Low
Category: News
0
Latest data released by ONS - 20 March 2019 - -0.8% - CPI +1.9% vs +1.8% y/y expected - Prior +1.8% - Core CPI +1.8% vs +1.9% y/y expected - Prior +1.9% ForexLive

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Wed 20 Mar 2019 09:10:23 GMT

Heads up: UK February CPI data release due at the bottom of the hour

But it isn't going to change anything, it's all about Brexit for the pound ForexLive Just be aware that the labour market report was released 12 minutes earlier yesterday (one of our readers noted it was as early as 24 minutes even) on most sources, so be mindful that something similar could happen with this release here.

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Heads up: UK February CPI data release due at the bottom of the hour


//az705044.vo.msecnd.net/20190320/3-20-2019-5-04-07-pm.png Justin Low
Wed 20 Mar 2019 09:10:23 GMT
Author: Justin Low
Category: News
0
But it isn't going to change anything, it's all about Brexit for the pound ForexLive Just be aware that the labour market report was released 12 minutes earlier yesterday (one of our readers noted it was as early as 24 minutes even) on most sources, so be mindful that something similar could happen with this release here.

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Wed 20 Mar 2019 08:59:08 GMT

5

UK's Leadsom: If we have the numbers, we can find a way around speaker's ruling

Further comments by Andrea Leadsom - Doesn't see Bercow's ruling as causing a constitutional crisis - There could potentially be a new meaningful vote next week ForexLive

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UK's Leadsom: If we have the numbers, we can find a way around speaker's ruling


//az705044.vo.msecnd.net/20190320/loop.gif Justin Low
Wed 20 Mar 2019 08:59:08 GMT
Author: Justin Low
Category: News
5
Further comments by Andrea Leadsom - Doesn't see Bercow's ruling as causing a constitutional crisis - There could potentially be a new meaningful vote next week ForexLive

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Wed 20 Mar 2019 08:48:38 GMT

2

Brexit: Parliament reportedly attempting to take control of extension length

It's a giant blob of a mess in UK politics Here we go. The crisis is about to deepen considerably. Anna Soubry reveals Alison McGovern tabling an SO24 emergency debate, which will begin the process of Parliament attempting to take control of Brexit extension length from PM The pound got hit a little on the revelation here with cable dipping to a low of 1.3213 before now moving up to 1.3220 after once again holding on to near-term support around 1.3216.

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Brexit: Parliament reportedly attempting to take control of extension length


Justin Low
Wed 20 Mar 2019 08:48:38 GMT
Author: Justin Low
Category: News
2
It's a giant blob of a mess in UK politics Here we go. The crisis is about to deepen considerably. Anna Soubry reveals Alison McGovern tabling an SO24 emergency debate, which will begin the process of Parliament attempting to take control of Brexit extension length from PM The pound got hit a little on the revelation here with cable dipping to a low of 1.3213 before now moving up to 1.3220 after once again holding on to near-term support around 1.3216.

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Wed 20 Mar 2019 08:40:20 GMT

Japanese government downgrades its economic assessment for the month of March

First downgrade in three years The Cabinet office states that the economy is in a gradual recovery but exports and output are showing signs of weakness. This will surely raise some eyebrows ahead of the proposed sales tax hike in October.

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Japanese government downgrades its economic assessment for the month of March


//az705044.vo.msecnd.net/20170803/0-japan.jpg Justin Low
Wed 20 Mar 2019 08:40:20 GMT
Author: Justin Low
Category: News
0
First downgrade in three years The Cabinet office states that the economy is in a gradual recovery but exports and output are showing signs of weakness. This will surely raise some eyebrows ahead of the proposed sales tax hike in October.

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Wed 20 Mar 2019 08:34:09 GMT

4

UK's Leadsom: May determined to get progress on new meaningful vote

Comments by House of Commons leader, Andrea Leadsom - Will seek a short delay to Brexit - It will be for EU27 to decide length of delay - Says speaker needs to remain impartial ForexLive

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UK's Leadsom: May determined to get progress on new meaningful vote


Justin Low
Wed 20 Mar 2019 08:34:09 GMT
Author: Justin Low
Category: News
4
Comments by House of Commons leader, Andrea Leadsom - Will seek a short delay to Brexit - It will be for EU27 to decide length of delay - Says speaker needs to remain impartial ForexLive

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Wed 20 Mar 2019 08:32:33 GMT

2

Brexit whispers: Brexiteers still want May to secure further changes to her deal

It's surreal how we've come back to this again We've already moved past the negotiations stage. Which part of that don't they understand? It's insatiable, really.

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Brexit whispers: Brexiteers still want May to secure further changes to her deal


Justin Low
Wed 20 Mar 2019 08:32:33 GMT
Author: Justin Low
Category: News
2
It's surreal how we've come back to this again We've already moved past the negotiations stage. Which part of that don't they understand? It's insatiable, really.

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Wed 20 Mar 2019 08:17:35 GMT

EU official: Leaders may discuss extra summit this week

Bloomberg headlines, citing an EU official - EU will not ask for a second Brexit referendum ForexLive Pretty much similar to what Juncker mentioned earlier. If they can't come to a written approval process for a Brexit extension, there will have to be an extra summit to accommodate the UK's request next week.

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EU official: Leaders may discuss extra summit this week


Justin Low
Wed 20 Mar 2019 08:17:35 GMT
Author: Justin Low
Category: News
0
Bloomberg headlines, citing an EU official - EU will not ask for a second Brexit referendum ForexLive Pretty much similar to what Juncker mentioned earlier. If they can't come to a written approval process for a Brexit extension, there will have to be an extra summit to accommodate the UK's request next week.

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Wed 20 Mar 2019 08:15:11 GMT

5

Trade ideas thread - European session 20 March 2019

Daily thread to exchange ideas and to share your thoughts The dollar is holding a little firmer on the day, recovering some ground from overnight trading. There isn't much of a theme that markets are focusing on with the yen holding slightly weaker against the greenback since Asian trading.

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Trade ideas thread - European session 20 March 2019


//az705044.vo.msecnd.net/20190320/3-20-2019-4-07-50-pm.png Justin Low
Wed 20 Mar 2019 08:15:11 GMT
Author: Justin Low
Category: News
5
Daily thread to exchange ideas and to share your thoughts The dollar is holding a little firmer on the day, recovering some ground from overnight trading. There isn't much of a theme that markets are focusing on with the yen holding slightly weaker against the greenback since Asian trading.

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Wed 20 Mar 2019 08:00:18 GMT

Pound loses some ground as short Brexit extension seen as next likely path

Cable price action still caught in the middle though ForexLive The Brexit rumour mill is back in full spin once again as now it seems that a short Brexit extension appears to be the next likely path that this whole saga will take. There's even talk now that MV3 may not even take place next week unless May can be sure of the votes, with the possibility of it maybe taking place during the extension period.

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Pound loses some ground as short Brexit extension seen as next likely path


//az705044.vo.msecnd.net/20190320/3-20-2019-3-47-59-pm.png Justin Low
Wed 20 Mar 2019 08:00:18 GMT
Author: Justin Low
Category: Technical Analysis
0
Cable price action still caught in the middle though ForexLive The Brexit rumour mill is back in full spin once again as now it seems that a short Brexit extension appears to be the next likely path that this whole saga will take. There's even talk now that MV3 may not even take place next week unless May can be sure of the votes, with the possibility of it maybe taking place during the extension period.

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Wed 20 Mar 2019 07:33:38 GMT

Norwegian Krone on a roll

Norwegian krone on the move via Bloomberg One you may have missed. The Norwegian krone is doing very well this month and is experiencing a double whammy of support. The Norges bank has a hawkish outlook at the moment that is supported by both inflation levels and oil prices.

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Norwegian Krone on a roll


//az705044.vo.msecnd.net/20190319/michael-fousert-1205288-unsplash.jpg Giles Coghlan
Wed 20 Mar 2019 07:33:38 GMT
Category: News
0
Norwegian krone on the move via Bloomberg One you may have missed. The Norwegian krone is doing very well this month and is experiencing a double whammy of support. The Norges bank has a hawkish outlook at the moment that is supported by both inflation levels and oil prices.

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Wed 20 Mar 2019 07:25:58 GMT

3

Juncker: EU leaders likely have to meet next week to finalise Brexit extension

He's speaking as though it is a given at this point But just remember, all it takes is for one member state to not agree and we could start to see some real ruckus break out. Given the way the pound is positioned currently, markets clearly aren't prepared for that scenario either.

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Juncker: EU leaders likely have to meet next week to finalise Brexit extension


Justin Low
Wed 20 Mar 2019 07:25:58 GMT
Author: Justin Low
Category: News
3
He's speaking as though it is a given at this point But just remember, all it takes is for one member state to not agree and we could start to see some real ruckus break out. Given the way the pound is positioned currently, markets clearly aren't prepared for that scenario either.

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Wed 20 Mar 2019 07:13:48 GMT

7

Juncker: 'Highly probable' that UK will not leave the EU on 29 March

Comments by European Commission president, Jean-Claude Juncker - As far as I know, letter from May has not yet arrived - There will be no more negotiations on the Brexit deal ForexLive

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Juncker: 'Highly probable' that UK will not leave the EU on 29 March


//az705044.vo.msecnd.net/20181211/juncker-may.png Justin Low
Wed 20 Mar 2019 07:13:48 GMT
Author: Justin Low
Category: News
7
Comments by European Commission president, Jean-Claude Juncker - As far as I know, letter from May has not yet arrived - There will be no more negotiations on the Brexit deal ForexLive

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Wed 20 Mar 2019 07:11:23 GMT

Eurostoxx futures -0.5% in early European trading

Softer tones in early trades in Europe - German DAX futures -0.8% - French CAC 40 futures -0.3% - UK FTSE futures -0.5% ForexLive For some context, European equities posted solid gains overnight and were not taken down by slightly more negative headlines surrounding US-China trade talks that saw US equities lose steam towards the end of the trading day.

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Eurostoxx futures -0.5% in early European trading


Justin Low
Wed 20 Mar 2019 07:11:23 GMT
Author: Justin Low
Category: News
0
Softer tones in early trades in Europe - German DAX futures -0.8% - French CAC 40 futures -0.3% - UK FTSE futures -0.5% ForexLive For some context, European equities posted solid gains overnight and were not taken down by slightly more negative headlines surrounding US-China trade talks that saw US equities lose steam towards the end of the trading day.

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Wed 20 Mar 2019 07:06:37 GMT

May reportedly not seeking a long Brexit delay

Recent commentary is suggesting that May will request a 'short extension' They say that "there is a case for giving parliament a bit more time to agree a way forward, but the people of this country have been waiting nearly three years now; they are fed up with parliament's failure to take a decision and PM shares their frustration".

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May reportedly not seeking a long Brexit delay


//az705044.vo.msecnd.net/20190221/theresa-may-annoyed.png Justin Low
Wed 20 Mar 2019 07:06:37 GMT
Author: Justin Low
Category: News
0
Recent commentary is suggesting that May will request a 'short extension' They say that "there is a case for giving parliament a bit more time to agree a way forward, but the people of this country have been waiting nearly three years now; they are fed up with parliament's failure to take a decision and PM shares their frustration".

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Wed 20 Mar 2019 07:00:33 GMT

Germany February PPI -0.1% vs +0.2% m/m expected

Latest data released by Destatis - 20 March 2019 - +0.4% - PPI +2.6% vs +2.9% y/y expected - Prior +2.6% ForexLive Slight delay in the release by the source. Weaker-than-expected figures here but it isn't really much of note considering that producer prices are a lagging indicator of inflationary pressures. EUR/USD sits in a narrow range still at 1.1346 currently.

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Germany February PPI -0.1% vs +0.2% m/m expected


Justin Low
Wed 20 Mar 2019 07:00:33 GMT
Author: Justin Low
Category: News
0
Latest data released by Destatis - 20 March 2019 - +0.4% - PPI +2.6% vs +2.9% y/y expected - Prior +2.6% ForexLive Slight delay in the release by the source. Weaker-than-expected figures here but it isn't really much of note considering that producer prices are a lagging indicator of inflationary pressures. EUR/USD sits in a narrow range still at 1.1346 currently.

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Wed 20 Mar 2019 06:57:42 GMT

Dollar holds firm ahead of European markets open

The greenback is holding its own as focus turns to the Fed ForexLive The dollar is holding steady as markets turn their attention towards the FOMC meeting decision later today. Expectation is for the Fed to reiterate its 'patient' message and possibly lower its dot plots projections slightly. Markets will also be keenly eyeing for any communication of the central bank's balance sheet runoff as that will provide more immediate clues for how risk assets should react.

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Dollar holds firm ahead of European markets open


//az705044.vo.msecnd.net/20190320/3-20-2019-2-46-55-pm.png Justin Low
Wed 20 Mar 2019 06:57:42 GMT
Author: Justin Low
Category: News
0
The greenback is holding its own as focus turns to the Fed ForexLive The dollar is holding steady as markets turn their attention towards the FOMC meeting decision later today. Expectation is for the Fed to reiterate its 'patient' message and possibly lower its dot plots projections slightly. Markets will also be keenly eyeing for any communication of the central bank's balance sheet runoff as that will provide more immediate clues for how risk assets should react.

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Wed 20 Mar 2019 06:49:59 GMT

3

Japan's Aso says that plunging oil prices made it tough to hit inflation target

Comments by Japanese finance minister, Taro Aso - It is understandable that BOJ hasn't hit 2% inflation target yet - 2% inflation target generates positive effects in the economy ForexLive

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Japan's Aso says that plunging oil prices made it tough to hit inflation target


Justin Low
Wed 20 Mar 2019 06:49:59 GMT
Author: Justin Low
Category: News
3
Comments by Japanese finance minister, Taro Aso - It is understandable that BOJ hasn't hit 2% inflation target yet - 2% inflation target generates positive effects in the economy ForexLive

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Wed 20 Mar 2019 06:44:43 GMT

Japan's Abe: Expects BOJ to continue its efforts to achieve price target

Comments by Japanese prime minister, Shinzo Abe, in parliament - Has trust in Kuroda's ability to achieve price target - Hopes BOJ keeps an eye on economic, price and financial developments as well ForexLive

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Japan's Abe: Expects BOJ to continue its efforts to achieve price target


//az705044.vo.msecnd.net/20190320/magic.gif Justin Low
Wed 20 Mar 2019 06:44:43 GMT
Author: Justin Low
Category: News
0
Comments by Japanese prime minister, Shinzo Abe, in parliament - Has trust in Kuroda's ability to achieve price target - Hopes BOJ keeps an eye on economic, price and financial developments as well ForexLive

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Wed 20 Mar 2019 06:34:49 GMT

BOJ's Kuroda: China's economy showing somewhat weak signs

Kuroda continues to touch on China in his recent commentary - Weakness is spreading in China's real economy - Will be watching China's economy carefully - Expect China's growth to be stable more or less ForexLive

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BOJ's Kuroda: China's economy showing somewhat weak signs


//az705044.vo.msecnd.net/20190123/kuroda.png Justin Low
Wed 20 Mar 2019 06:34:49 GMT
Author: Justin Low
Category: Central Banks
0
Kuroda continues to touch on China in his recent commentary - Weakness is spreading in China's real economy - Will be watching China's economy carefully - Expect China's growth to be stable more or less ForexLive

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Wed 20 Mar 2019 06:08:40 GMT

Japan February final machine tool orders -29.3% vs -29.3% y/y prelim

Latest data released by the Japanese Machine Tool Builders' Association - 20 March 2019 The preliminary estimate can be found . No changes to the final reading, so nothing really new to gather from the data release here.

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Japan February final machine tool orders -29.3% vs -29.3% y/y prelim


//az705044.vo.msecnd.net/20190320/3-20-2019-2-08-04-pm.png Justin Low
Wed 20 Mar 2019 06:08:40 GMT
Author: Justin Low
Category: News
0
Latest data released by the Japanese Machine Tool Builders' Association - 20 March 2019 The preliminary estimate can be found . No changes to the final reading, so nothing really new to gather from the data release here.

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Wed 20 Mar 2019 06:03:38 GMT

Nikkei 225 closes higher by 0.20% at 21,608.92

Tokyo's main index closes slightly higher in a softer session for Asian equities That said, Chinese equities are down by quite a bit with the Shanghai Composite lower by 1.1% currently. Overall risk sentiment remains rather muted though with US equity futures trading at flat levels and I would expect European equities to follow suit as well.

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Nikkei 225 closes higher by 0.20% at 21,608.92


//az705044.vo.msecnd.net/20190320/3-20-2019-2-01-34-pm.png Justin Low
Wed 20 Mar 2019 06:03:38 GMT
Author: Justin Low
Category: News
0
Tokyo's main index closes slightly higher in a softer session for Asian equities That said, Chinese equities are down by quite a bit with the Shanghai Composite lower by 1.1% currently. Overall risk sentiment remains rather muted though with US equity futures trading at flat levels and I would expect European equities to follow suit as well.

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