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FOREX: Sterling suffers as market writes down chances of a smooth transition
-With the UK government just days away from being forced to pull the trigger on
hundreds of millions of pounds worth of no deal Brexit contingency plans,
coverage over the weekend was particularly negative for the UK PM and for a
smooth Brexit transition period. As a result, GBP is comfortably the poorest
performer of the day, falling around 1% against most other FX. GBP/USD's recent
cycle low at $1.2696 is now within range.
-Concerns surrounding Brexit have been compounded by further Italy woes as the
country's deputy PM reasserted his view that the Italian government can halt any
EU budget decisions and other policies if they refuse to respect domestic
spending plans. EUR/USD spilled below $1.13 for the first time since mid-2017.
-The vague risk-off theme globally is helping lift the USD and JPY, with an
OPEC-driven recovery in oil prices also boosting the CAD and (to a lesser
extent) NOK.
-US market holidays today keep volumes and liquidity muted, with little on the
calendar to highlight other than a speech from Fed's Daly.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |
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