Market reports
EU juggling Brexit and their Italian counterparts
STERLING Sterling fell sharply last week in response to weaker than expected CPI and retail sales data released on Wednesday and Thursday respectively. GBP/USD reached a two-week low on Friday at 1.3068 before rising into the weekend on positive Brexit headlines, but is on the back foot today amid reports that Prime Minister Theresa May…
Read MoreCrucial week ahead for Brexit negotiations
STERLING Sterling has kicked off this week as the weakest G10 currency after an alarming lack of progress in Brexit negotiations over the weekend. Discussions have now been paused while both sides are said to have stepped up no-deal preparations which sent GBP/USD back below 1.31 to a low of 1.3082 this morning. The troublesome…
Read MoreBrexit deal to happen this quarter, according to the EU
STERLING GBP/USD dropped back below 1.31 this morning having crept up to its best level since September 27th overnight at 1.3134. Sterling has failed to derive much support from a raft of Brexit related press over the weekend, including comments from EU Commission President Juncker who said the chance of a Brexit deal has risen…
Read MorePound Surges on Talk of UK’s Irish Border Brexit Compromise
STERLING News broke this afternoon that Prime Minister Theresa May is preparing to make a new Brexit offer to the EU regarding the Irish border issue, helping Sterling jump a cent against the US Dollar to 1.31. The government are reportedly willing to accept some checks in the Irish sea to achieve an agreement. Last…
Read MoreSterling slumps as Theresa May admits ‘impasse’ in Brexit negotiations
STERLING GBP/USD touched 1.33 on Thursday, its best level since mid-July after stronger prints for UK CPI and retail sales but it nosedived on Friday as Sterling dropped after Prime Minister Theresa May said Brexit talks have reached an impasse. The pair has reclaimed $1.31 this morning despite a lack of any notable Brexit developments…
Read MoreBank of England leaves rates on hold amid Brexit uncertainty
STERLING The Bank of England voted 9-0 to leave the Bank Rate on hold last week but did mention rising uncertainty related to Brexit. The release promoted only a brief drop in Sterling with GBP/USD later topping out at a six-week high on Friday at 1.3144. Brexit related headlines were mixed although the most notable…
Read MoreEU leaders ready to give Barnier mandate to close Brexit deal
STERLING Sterling hit a three week high versus the Euro on Friday (GBP/EUR at 1.1211) after EU Brexit Minister Barnier struck a notably more conciliatory tone on Brexit negotiations. There has also been reports over the weekend that the EU are preparing to give Barnier a mandate to get a deal done. Reaction to this…
Read MorePressure increases on UK PM May as critics tear into her Brexit strategy
STERLING Sterling has begun the week as the G10 underperformer after Brexit related uncertainty intensified over the week – EU Brexit Minister Michel Barnier has been highly critical of Prime Minister Theresa May’s Chequers proposal. However, the PM insists she will not allow compromises to her Brexit strategy, vowing the nation’s interests must be adhered…
Read MoreMay says no-deal Brexit “not the end of the world”
STERLING GBP/USD has edged above 1.29 today although any upside in Sterling is likely to remain limited by a lack of progress in Brexit negotiations. The UK government unveiled the impact of a no-deal Brexit last week but officials still maintain they expect to reach an agreement with the EU. Looking ahead, UK house…
Read MoreHunt warns odds of a no-deal Brexit have increased
STERLING Sterling fell to its lowest level against the US Dollar since last June on Wednesday at 1.2662 mid-market. The pair nudged back above $1.27 relatively swiftly however with stronger-than-expected CPI and retail sales data providing support. There was not much to cheer on the Brexit front with UK Foreign Minister Hunt warning that the…
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