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GBP Sapped as Markets Prime for Further Brexit Delays

FOREX

After outperforming throughout the Tuesday session, GBP now sits at the bottom of the G10 pile after Reuters cited sources in saying that EU/UK negotiators will likely miss their self-imposed mid-November deadline for reaching a free trade agreement. GBP/USD was sold in size from highs of above the 1.33 to new session lows down at 1.3241.

The greenback trades modestly stronger, but well within recent ranges. Volumes and price action could prove muted Wednesday given the partial close in the US for Veterans Day.

NZD outperforms after the RBNZ rate decision overnight. As expected, the central bank left the OCR & LSAP settings unchanged and said it will deploy a Funding for Lending Programme in December. The Bank took note of the relative resilience of domestic economy, but continued to flag downside risks and poured cold water on vaccine enthusiasm.

With no tier one data due, focus rests on the central bank speakers slate, with ECB's Lagarde speaking at the ECB's central bank forum.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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