Author: Dennis Li
British Prime Minister Teresa May promised on Wednesday to step down before the next parliamentary election due in 2022 as an inducement to wavering conservative MPs before she survived the no confidence vote at 8am this morning Sydney time. The AUDGBP gave up all of its Tuesday’s gain overnight. However, as there is less than 4 months before Britain is due to leave the EU on 29 March, the country’s divorce with the bloc is still in chaos with options ranging from a ‘no deal’ exit to another referendum that could reverse it. Meanwhile, the AUD remains steady against the USD as markets await progress of trade talk between the world’s two biggest economies.
Tonight investors could keep an eye on the ECB’s last rate decision meeting in 2018 with expectation to have its interest rates remained unchanged.
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