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FOREX: Sterling doesn't look back as month-end and Brexit positivity supports
-GBP sits at the top of the pile Tuesday, staging a particularly firm rally
against the USD as month-end flows (predominantly USD negative) and positive
Brexit headlines supported. PM May is said to have set a deadline for talks with
the opposition Labour Party to conclude next week, while the Labour Party
themselves have now backed a second referendum as a last resort if the
government fail to grant concessions.
-CAD was second best, rallying firmly despite a poor April GDP print as BoC
governor Poloz highlighted tentative greenshoots in household debt trends.
USD/CAD broke below C$1.34 support to eye the 50- and 100-dmas, which both sit
-The Fed rate decision is due Wednesday, with markets focusing on the prospects
of a cut (or lack thereof) to the Fed's Interest on Excess Reserves (IOER). UK,
Canadian and US manufacturing PMI is also due, alongside April Manufacturing
ISM. May Day holidays across mainland Europe keep many exchanges closed, but the
UK is open.