10th October 2018-Sterling was boosted by reports that a divorce deal could be agreed by early next week

 
     

Sterling was boosted by reports that a divorce deal could be agreed by early next week

The Euro dipped to 7-week lows amid on-going Italian stresses and a spike in yields before a sharp reversal as Italian bonds rallied strongly in choppy trading with EUR/USD near 1.1500.

Sterling was boosted by reports that a divorce deal could be agreed by early next week amid generally positive Brexit rhetoric from officials and media reports with GBP/EUR at fresh 3-month highs.

The US dollar also retreated, not helped by another round of Fed Criticism from President Trump while commodity currencies gained some respite.

Global equity markets were mixed amid on-going Chinese uncertainty and high yields with choppy trading also seen in crude.

The Bank of England Financial Policy Committee stated that the UK had made considerable progress to address the risk of disruption in the event of a hard Brexit, although it was concerned over rapid growth in leveraged lending to companies.

DUP leader Foster reiterated that any Irish backstop agreement must keep Northern Ireland within the UK internal market. Meanwhile EU Chief Negotiator Barnier stated that he was working hard to de-dramatise the border issue.

GBP/USD again dipped below 1.3050 amid a strong dollar before rallying while GBP/EUR hit resistance near 1.1450.

Late in Europe there were media reports that progress had been made in talks and divorce terms could be agreed by Monday. GBP/USD sharply higher to near 1.3150 while GBP/EUR rallied to below 1.1450. Brexit Secretary Raab stated that there were still differences on the withdrawal agreement, but reports in Asia suggested that further progress had been made in negotiations and overall sentiment surrounding a potential deal remained stronger.

GBP/USD held a firm tone just above 1.3150 in early Europe on Wednesday ahead of the latest monthly GDP and production data.

     
 
       
 

GBP/EUR 

– 1.1439
 
 

GBP/USD

– 1.3171

 
 

GBP/CHF 

– 1.3052

 
 

GBP/JPY 

– 148.82

 
 

GBP/AUD 

– 1.8477

 
 

GBP/NZD 

– 2.0289

 
 

GBPCAD

– 1.7032

 
 

GBP/ZAR 

– 19.4504

 
 

GBP/NOK 

– 10.8733

 
 

GBP/SEK 

– 11.9659

 
 

EUR/USD 

– 1.1513

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK Industrial Production (Y/Y)

1.00%

0.90%

 
   

09:30 GBP

UK Trade Balance

-10.70B

-9.97B

 
   

13:30 USD

US PPI (Y/Y)

2.80%

2.80%

 
   

14:15 USD

FOMC member John C. Williams speech

-

-

 
 
   
 
 
*All rates shown are indicative of interbank rates and should only be used for indication purposes only. It is important to note that foreign exchange rates fluctuate and that rates may vary depending on the amount and the base currency that is purchased or sold. Rates are correct as of 8:00am UK time.  CentralFX are not responsible for the rates shown.
 
 
 

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