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Trump offers new immigrant deal in return for wall

Border issues continue to cause major disagreements in the UK and US as May plans to remove the Irish backstop from her deal.

Centtrip: Positive US retail sales provide respite to Dollar

Political standoffs are the theme on both sides of the Atlantic.

US President Donald Trump tried to end the federal budget stalemate by offering immigrants brought to the country illegally a three-year protection from deportation in return for $5.7 billion for his wall along the Mexican border. Democrats rejected the proposal as it failed to protect the most vulnerable.

The shutdown is now in its fifth week and has slowed the US economy by more than 0.5 per cent, according to the Council of Economic Advisers.

Meanwhile, with 67 days until Brexit, UK Prime Minister Theresa May has halted the cross-party talks to focus on securing amendments from Brussels, which will win over rebels in the Conservatives and the Democratic Unionist Party (DUP).

May will announce to Parliament today, 21 January that she will seek changes to the Irish backstop or even its complete removal from the withdrawal agreement. However, the European Union has repeatedly stated it will not budge on the issue. She will then try to use these changes in the vote in the House of Commons on Tuesday, 29 January to show she could secure a majority, before heading to Brussels in the hope that the European side will also concede to her.

Today the US is celebrating Martin Luther King Jr. Day. As such, there is no much financial data and liquidity will be low. That also means Brexit announcements could cause more volatility than normal.

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