Sterling ended the week on a pretty negative note following weak UK GDP data with GBPEUR falling to 1.20, and GBPUSD falling to 1.26. The biggest concern with the data was that the services sector in the UK showed no growth in October, the same as September, which has led many to blame the most recent budget on negative sentiment in the UK economy.
Last week, French politics took the spotlight with a vote of no confidence resulting in the current Government being dissolved. Upon PM Barniner’s exit, there has been much positive movement with President Macron committing to installing a PM that will get the next budget passed with the backing of Marine Le Pen’s party.
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Yesterday we did see a bounce back for the EUR against GBP and USD, with the latter seeing movements of up to 0.7% in favour for the EUR. After a few days of political turmoil in France – it looks like the left-wing and far right parties might move closer to an agreement of how the budget could find an agreement.
Last night we eventually saw Michel Barnier ousted as Prime Minister as he lost the no-confidence vote after his attempt to push through his social security policy came up against huge resistance in the French Parliament. This has left France in political turmoil and now face the potential of having deadlock in parliament, as the earliest Macron can call an election is July, and the next Prime Minister will ultimately face the same backlash as Barnier.
This morning The Euro has continued to be under pressure ahead of the no-confidence vote against the French Prime Minister Michel Barnier. Lawmakers are set to begin debating the social security element of the budget in Paris at 4pm, with the actual voting to commence shortly afterwards. Current sentiment is pointing towards Barnier losing the vote, after he used a constitutional clause to force through his budget without putting it through a vote.
France voted against prime minister Michel Barnier’s budget yesterday – now leaving months of political uncertainty again. It’s not the first time this year we have seen political chaos in France. Looking back to the summer months when there was a vote of no confidence against President Macron – splitting the government. Officials are now saying that prime minister Michel Barnier will have to step down tomorrow.
