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FOREX: Sterling crunched as Brexit deal deemed "impossible"
-A supposedly tense and combative call between the UK PM and German Chancellor
Merkel this morning was responsible for a sharp drop in GBP, which fell against
all others in G10 Tuesday. In the call, a Brexit deal on current terms was
dismissed as "effectively impossible", with neither side appearing to give an
inch in concessions. As such, rumours circulated that the PM may not even attend
the crucial EU summit on October 17th, leaving odds of the UK leaving the EU
with a deal at the end of October in tatters. GBP/USD fell sharply, taking out
the 50-dma support and hitting the lowest levels since early September. Whether
the combative reports (all released via sources) were merely posturing remains
to be seen.
-At the other end of the scale, JPY was the firmest in G10, with markets eyeing
a report that the China trade delegation had low expectations of a deal.
-Australian Westpac Consumer Confidence, US JOLTs job openings and wholesale
trade sales/inventories are the data highlights Wednesday. The FOMC minutes from
their September meeting are also due as well as speeches from Fed's Powell.