This follows last night’s parliamentary vote in which the Labour-led attempt to prevent the UK from leaving the EU without a deal in October was overturned by a majority of 11. The provided a boost for Conservative Brexiteer hopefuls such as Boris Johnson and Dominic Raab. Keir Starmer, the shadow Brexit Secretary who was instrumental in pushing forward with yesterday’s motion. He said: “Labour stands ready to use whatever mechanism it can to protect jobs, the economy and communities from the disastrous consequences of a no-deal Brexit.”
Meanwhile the Tory leadership race continues, with Boris Johnson launching his campaign just yesterday after a week of keeping a low profile, and shrugging off a range of controversies.
Liz Truss, the Chief Secretary to the Treasury, defended Mr Johnson, saying: “[T]he reason he is getting so much flak is because there are people out there who don’t want us to change. They don’t want the Conservative Party to change.
“They are wrong. If we don’t change, we don’t survive.”
The US dollar has remained sensitive to the ongoing trade tensions between the US and China, with WTI oil prices falling to just over $50 per barrel as a result.
Rainer Michael Preiss, an Executive Director at Taurus Wealth Advisors commented: “If America and China couldn’t agree, and America raises tariffs again on Chinese imports, potentially this could slow down the economy meaningfully.”
Greenback traders are awaiting today’s slew of US economic data, with particular focus on the jobs figures for June and July.
The US initial jobless claims figures for July are expected to decrease along with the continuing jobless claims.
This has the potential to provide some further uplift for the US dollar.