The Supreme court is due to announce its ruling on Boris Johnson’s proroguing of parliament today. The release, which is due at 10:30am UK time, is a huge piece of news in the political world and if the decision goes against the Prime Minister, we could see parliament reinstated immediately.
The hearing last week lasted three days and listened to cases from two sides, one from Gina Miller who has opposed Brexit since the referendum in 2016 and the other from the government who argued that this wasn’t a court matter. Mr Johnson has already refused to rule out a second proroguing of parliament and said late last night that, whatever the ruling, he would not be resigning as PM.
There are some small pieces of data out today that may affect GBP and USD crosses, however, I would expect the ruling to dominate market movement today. Yesterday was a quiet day on the markets with GBP/EUR remaining range bound and sitting between a 40-pip range. GBP/USD saw similar moves through the trading day as investors held on for today’s historic ruling.
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