1. GBP In Focus As UK Parliament Prepares To Vote On Brexit
The GBP pairs will remain in focus today as the British Parliament prepares to vote on a series of alternative plans for the country’s withdrawal, testing to see if any option can command a majority. After lawmakers voted to wrest control of the process on Monday, Mrs. May is still hoping that her blueprint will command the majority, giving her a realistic shot at pushing her plan through by presenting it as the only alternative to a no-deal Brexit or a long extension. Meanwhile, Lawmakers have submitted at least 16 proposals for votes. The options include a second referendum on Brexit and a departure that keeps Britain in E.U. economic structures.*
2. Kiwi Crashes On Dovish Bank Of New Zealand
The Reserve Bank of New Zealand kept rates unchanged at the conclusion of its meeting early this morning and shifted to a more dovish rhetoric, sending the New Zealand dollar plummeting against its US counterpart. Specifically, the NZD/USD dipped by almost 1.5% this morning to last trade at 0.6806 as of 6:45 GMT. The RBNZ said the next rate adjustment would likely be lower and highlighted that it would keep the current expansionary stance for a “considerable period”.**
3. Debenhams Adds 42%, Wirecard Skyrockets
Sports Direct International Plc said late Monday that it was considering a cash offer for the shares in Debenhams Plc that it did not already own. Mike Ashley’s Sports Direct possible offer for Debenhams got a cool reception from the ailing British department store on Tuesday which warned it would not address its immediate funding needs. DEB shares skyrocketed by more than 42% on the news to finish the day at £2.198 on Tuesday. Elsewhere, Wirecard AG also surged the most in more than a decade after saying irregularities found in an external investigation into fraud allegations in Asia pointed to only minor irregularities. WDIG shares finished the day well in the green, at €124.975 or 26.24% higher.***
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*Source: NYT Mar 27, 2019 2:48 AM ET
**Source: Investing Mar 27, 2019 3:53 AM ET
***Source: CNBC Mar 27, 2019 03:07 AM ET
