UK PM May suffers defeat in House of Lords; Spring Budget in focus
• Yesterday, the House of Lords voted for an amendment to the Brexit bill that gives Parliament a “meaningful vote” on the final exit deal.
• Essentially gives lawmakers a veto over the final deal (and allows them to send the gov. back to the negotiating table).
• Soft Brexit signal, but GBP was little changed. Possibly because this needs to be approved by the House of Commons as well (unlikely?).
• Today, Chancellor Hammond is due to deliver the Spring Budget. Reports suggest we may see fiscal tightening. If so, GBP-negative.

As for the rest of today’s highlights:
• US: ADP employment change for Feb. is exp. 190k. This is a solid number that could raise speculation for the NFP to also meet its forecast of 190k and thereby, support USD.
• Canada: Housing starts for Feb. are exp. to rise and building permits for Jan. are exp. to slow. Given the mixed expectations, the reaction in CAD may be fairly muted.

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