This follows news that the Labour Party will launch an attempt to block the future Prime Minister from forcing through a no-deal Brexit on 31 October. Keir Starmer, the Shadow Brexit Secretary, who pushed forward with the motion, commented: “That’s why we [the Labour Party] are taking this latest measure to end the uncertainty and protect communities across the country. My challenge to MPs who disagree either with a no-deal Brexit or proroguing parliament is to back this motion and act in the national interest.” Boris Johnson, the current favourite to win the Conservative’s leadership race, has at last broken his long silence by agreeing to take questions at his next event – his first public launch in his campaign to become leader.
Mr Johnson is expected to say in his speech: “Now is the time to unite this country and unite this society, and we cannot begin that task until we have delivered on the primary request of the people, the one big thing they have asked us to do: after three years and two missed deadlines, we must leave the EU on 31 October.”
There are no UK economic data releases due out today, with pound traders instead focusing on political developments.
The euro, meanwhile, steadied this morning following the better-than-expected French non-farm payrolls figures for the first quarter, which rose above the 0.3 per cent forecast to 0.5 per cent.
Most single currency traders, however, will be awaiting a speech by Mario Draghi, the President of the European Central Bank.
Any dovish comments about the state of the eurozone’s economy could see the pound edge higher against the euro.
Italy is still remaining in focus for euro traders, as Italian Prime Minister Giuseppe Conte has stepped up his determination to avoid EU sanctions over Rome’s mounting debt load.
Mr Conte said: “The negotiation with the European Commission and with our European Union partners will see the government absolutely determined to avoid, in the coming months, a procedure for excessive debt.”
The pound euro exchange rate will likely remain fixated on Brexit developments today, and if Labour succeed in their motion to block a no-deal, then Sterling could rise accordingly.