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FOREX: Sterling scrambles as EU inch closer to concessions - apparently
-After taking a drubbing for much of the trading day, GBP burst higher after the
London close as Bloomberg reported that the EU would be willing to consider a
time limit on the Irish backstop as part of any Brexit deal - according to
sources. Such a move would be a major concession and could help PM Johnson
garner more votes in Parliament on any withdrawal arrangement. GBP/USD surged
back above the $1.2300 level after edging below the 50-dma, defying the risk of
a bearish breakout given the recent sell-off.
-The greenback took a sharp knock after originally outperforming as ISM
Manufacturing fell well below forecast. The employment component was
particularly weak, dropping to a three-year low ahead of the Nonfarm Payrolls
report this Friday. Risk-off moves followed in FX, prompting USD/JPY to fall to
a fresh weekly low of Y107.63.
-UK Construction PMI and US ADP Employment Change are the data highlights
Wednesday. Speeches are also due from Barkin, Harker and Williams of the Fed and
ECB's Villeroy.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |
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