Hope you had a pleasant weekend and enjoyed your raft of Monday morning meetings. Leaving the US mainly out of this mornings update, still a lot of focus on Hurricane Florence and the trade war with China which I’m sure you’re all up to date with. Good to focus on a positive GBP for once!
GBP & EUR
The pound has had a nice trickle higher this morning, supported by reports of progress on the Irish border question, an obstacle to Brexit that diplomats will seek to overcome at the EU summit later this week. A report published by The Times this morning said that the EU chief negotiator Michel Barnier is working on a plan to minimise physical checks at the border between the two Irelands by tracking barcodes on shipping containers.
The first of three summits on the terms of Brexit will be held this week, and EU leaders hope a deal can be struck within the next 2 months. The talks could determine how orderly Britain’s March 2019 withdrawal will be an what kind of economic impact it and its neighbours face.
Potential positive news on the horizon? Sterling has reversed nearly all of its losses against the USD in August, when fears of a no-deal Brexit surged and last week gained 1.2 percent.
Definitely worth a conversation if you’re a seller of GBP. Have a good day!