Market reports
Brexit again…? Of course!
STERLING Sterling kicked off the week as the weakest of the G10 currencies amid reports that Prime Minister Theresa May had cancelled plans for an emergency cabinet meeting today to approve a Brexit deal in the face of strong opposition from her own cabinet and the EU. Negotiations are ongoing, however if there is no…
Read MoreDeal or No Deal?
STERLING Last week’s Bank of England rate decision and inflation report provided no real surprises although the Pound still finished the day sharply higher on Brexit optimism – reports suggested that UK Prime Minister Theresa May had reached a deal with the EU over financial services although this was later denied. GBP/USD hit a fresh…
Read MoreMerkel’s election setback
STERLING GBP/USD broke below 1.28 on Friday to its lowest level since August 20th as Brexit related uncertainty took its toll. Reports on Friday suggested that inter-cabinet talks had stalled in the UK as lawmakers cannot agree on how to proceed in negotiations. Chancellor Hammond will deliver the Budget at 3:30pm today for the last…
Read MoreEU 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…
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