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Good day, everyone! Hope you're all doing well as we get things going here on the European morning session. There have been decent moves to start the day so far with markets looking lively but all the attention remains on Westminster as we head towards a vote on a Brexit extension later today.
The pound is on the back foot as it retraces overnight gains following a chaotic session in parliament where a no-deal Brexit was voted down. As it stands, we may very well be headed for a third meaningful vote but not before the mess in parliament is sorted out as there will also be a host of amendments up for voting later today.
Meanwhile, the aussie is weighed weaker on falling swap rates, weaker yields and the fact that Chinese data showed industrial growth output dipping to a 17-year low. The yen is also holding weaker as yields across the curve fall to their weakest levels since late 2016.
Both the yields play there is helping to keep the dollar steady on flows as risk sentiment remains rather muted as we begin the session here in Europe.
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