- GBP/USD jumped after the Supreme Court said the prorogation case is justiciable i.e. it is a legal case and not just a political one and so PM Johnson's suspension of parliament was unlawful. If the Speaker John Bercow decides to end the parliament's suspension, the odds for a no-deal Brexit would fall further and so should be a positive outcome for sterling. However, today’s ruling also means that political uncertainty has increased with opposition leader Jeremy Corbyn calling for the PM’s resignation. But will Boris Johnson re-announce a prorogation? Or perhaps, will he resign? Anything is possible, so stay very nimble if you trade the GBP.
- AUD rose as RBA Governor Lowe in a speech earlier said what many had already expected: further monetary policy easing may well be required.
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