Sterling maintained a solid tone against the dollar ahead of the US open on Thursday, but continued to hit resistance above the 1.2500 level. The Euro regained the 0.8500 level which helped underpin confidence with a further advance to the 0.8550 area as Sterling overall lost support with markets still wary over the risk of further medium-term losses. A slightly more defensive attitude surrounding risk appetite curbed Sterling support, although underlying selling interest above 1.2500 against the dollar was the more important factor.
Sources suggested that the government was looking to trigger Article 50 around the time of the March 9-10 EU Summit and the Brexit debate will sharpen again next week when parliament returns from recess. The latest retail sales data is due on Friday and another weak release would maintain expectations that there will be an underlying slowdown in spending as Sterling consolidated around 1.2500 against the dollar.
POTUS in Kingdom of Saudi Arabia As one of POTUS’ travelling companions on this week’s visit, Larry Fink of Blackrock represents everything that a US President might want to burnish his credentials in the desert kingdom: head of the largest asset manager on the planet, hugely influential and totally credible. Just a shame that he […]
UK Borrowing Another one for the pub quiz in case it comes up: UK government borrowing stands at £2.8 trillion or £2800 billion. While you digest that number over the chicken in the basket if indeed you are already in the pub, it will have increased by the time you get to the end of this […]
The Art of the Deal Today the UK Prime Minister will be announcing the fruits of his weekend labours after meeting the EU not as an accredited delegate but in a side session on the fringes of the EU Summit in Albania. What was on the table? Youth mobility, which is pol speak for 24-30 […]