1 November, 2018
Yesterday seemed to be heading towards another fairly muted day where trading would remain sideways, that until Dominic Raab, the Brexit secretary, suggested a deal can be completed within 3 weeks. In a letter to Hilary Benn, head of the commons Brexit committee, he wrote ‘I would be happy to give evidence to the committee when a deal is finalised, and currently expect 21 November to be suitable’. That would be 3 weeks from today, Raab also mentioned, ‘The end is now firmly in sight and, while obstacles remain, it cannot be beyond us to navigate them. We have resolved most of the issues and we are building up together what the future relationship should look like and making real progress’, on the back of this the Pound gained half a cent providing a brief buying opportunity.
Analysts predict these spikes to be sold off quite quickly and with Raabs comments only being based on rumours and he can easily come out and deny this, why not speak to your account manager early doors to take advantage of the rate this morning.
October proved to be a topsy-turvy month for Sterling, with rates reaching a near year high before dropping again over the course of the last week, November is expected to be the same. With further Brexit talks scheduled and a raft of new data to look out for. For starters lunchtime today will see the BoE interest decision, with no major change expected, the key points to listen out for will be any insight on the UK economy post-Brexit, any negative comments from this will most certainly wipe out the gains seen yesterday.
Stay in close contact with your account manager to be kept up to date. Other data to keep an eye out today is UK Manufacturing PMI at 9.30 this morning and US Manufacturing PMI at 2 pm.
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