MAYDAY:
The stubborn and perseverant Theresa May has travelled to the Netherlands today in order to meet the Dutch Prime Minister and Brexit ally, Mark Rutte. Thought to have continually supported the United Kingdom and the Prime Minister within the European Council throughout the Brexit process, May was looking to foster support ahead of Thursday’s EU summit. Whilst her cabinet and closest aids continue to support her efforts in Westminster, May has continued her not-so-grand European closing in on Brussels for the final push. Reports on the malleability surrounding Brexit concessions this week differ greatly. Juncker has reportedly ruled out any flexibility even at the margin of the text:
However, never underestimate the value and power of a simple clarification! The 585-page Brexit treaty document can, at first impression, seem expansive, daunting and comprehensive, however, don’t be fooled; so much is still left to interpretation! Should the EU offer May marginal improvements in the deal within the skeletal framework already agreed upon at the European level, Sterling could correct itself considerably.
The Dollar came under pressure this morning as President Trump once again turned against his own Federal Reserve. However, as further risk-off positioning manipulated the market environment, these concerns faded away to leave the US Dollar stronger on the day.
Discussion and Analysis by Charles Porter
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – A rising tide lifts all boats
Charles Porter
Thu 16 Oct 2025
A rising tide lifts all boats As the Dollar continues to perform lacklustre oscillations, key pairs remain rangebound. The trend so far this week has been for a mildly weaker Dollar. Given that the Dollar is considered the primary counterparty for most currencies, this creates a rising tide effect across the rest of the market. […]
Daily Brief – Calling time on Swissy
Charles Porter
Tue 14 Oct 2025
Calling time on Swissy Switzerland’s Franc may be destined to faulter under its own weight. Despite rock bottom interest rates, the Swiss Franc has been a significant beneficiary of the post-Covid and Trump2 world. EURCHF, a key barometer of European risk, shows some 20-cents worth of Swiss rally post-Covid. The pair has dropped from well […]
Daily Brief – A look ahead
Charles Porter
Thu 9 Oct 2025
A look ahead The UK Pound continues to be influenced by the gilt market and fiscal concerns. Sterling has been a very expensive short this year, contributing to its relative outperformance. In fact, the few episodes of sustained weakness we have seen tended to have either coincided with a global risk-off turn or a sharp […]
