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GBP the outperformer amongst G10 thus......>

STERLING: GBP the outperformer amongst G10 thus far, perhaps buoyed by the
earlier Times tory which noted that "Britain is expected to signal compromise on
fisheries and "level playing field" trade rules if the European Union backs off
from its "maximalist" demands on regulatory alignment and fishing access,
according to senior Brussels sources."
- However, there are still plenty of matters to address at the latest round of
UK/EU Brexit talks, which get underway later today.
- The move may also be a result of defensive GBP positioning, with sentiment re:
GBP turning more negative in recent sessions, given increased BoE discussion re:
negative interest rates, albeit non-committal at this stage.
- GBP/USD last trades 30 or so pips higher at $1.2525, with bulls now looking to
$1.2601 the May 1 high.
- EUR/GBP sits ~20 pips or so softer at GBP0.8893. Initial support located at
GBP0.8881, the May 26 low.
- Lower tier UK data is slated for Tuesday, with broader focus on the
aforementioned Brexit discussions between London & Brussels.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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