More from Europe and the UK Today
Skerdian Meta • 2 min read
Yes, the US elections have taken center stage since a couple of weeks ago. However, there's still life outside of the US, despite what some Yankees might think. I apologize to our US followers, but that´s the opinion of numerous people outside of the US.
So Europe is providing the food today we forex analysts can chew on. I´m not sure whether to include Britain in Europe now that they have voted out. Anyway, seems like the Brexit camp is regrouping and gearing up for their next battle.
This side of the campaign received a tough blow last Thursday when the UK High Court ruled against the government triggering the final leaving act: Article 50. That came as a bit of a surprise after the Northern Ireland High Court took an opposing decision the previous week about Brexit, but the case there was a bit different.
Now the Brexit group is preparing for the second step in the justice system. The UK Prime Minister, Theresa May, is formulating a new bill so she can trigger Article 50 all by herself. The Brexit side will appeal the High Court decision in December on the Supreme Court, but it looks like May doesn´t trust the courts anymore. She doesn't even trust her own party either, the Tories, because they have the majority of the parliament, which will decide on Article 50 if the High Court decision remains.
Meanwhile, the guy who started all this, ex UKIP leader, Farage, is gathering up a mob of Brexiters to march to the Supreme Court when the case gets there, most likely in December. He´s planning on getting about 100,000 people together so they can threaten the Supreme Court. So long to the UK independent legal system then.
In mainland Europe, things are not looking any brighter either. This morning, the German factory orders took a nose dive while an hour ago the Eurozone retail sales were slashed by 0.2% in October. The previous month´s numbers were revised down as well. The Sentinex investor confidence grew considerably, but what´s the point of being confident when this confidence doesn´t translate into better conditions in the real economy?
The forex market still doesn´t care about any economic news. The big finale is just a day away so no one wants to be a hero. You can feel the tension in the market and I think it will all explode tomorrow in the evening European time, when we get most of the result.