GBP extending losses today - BBH

Research Team at BBH notes that the sterling is extending its losses today as the uptick in the construction PMI (52.5 from 52.2) was prompted ignored.  

Key Quotes

“Sterling had found support, especially on a closing basis near $1.24.  It finally closed below it on the last day of February and had not looked back.  In fact, it now struggles to resurface above $1.23.  The proximate cause of the latest losses was news that the House of Lords added an amendment to the bill that authorizes Prime Minister May to trigger Article 50.”

“The details of the amendment, protecting the rights of EU citizens in the UK, are not so controversial.  Cabinet Ministers like Johnson and Gove have expressed a similar sentiment.  The issue is two-fold:  the defying of the Prime Minister and the delay as the bill goes back to the House of Commons (called ping-pong).  This means at least another week delay it seems, making the formal triggering of Article 50 closer to the Ides of March. ”