Bored of Brexit? You’re not alone

Today's Currency Market Focus

GBP: Bored of Brexit
EUR: Wild Turkey
USD: Dollar dips, panic passes

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GBP: Bored of Brexit

There’s not a lot of data due out this week but we all know that Sterling is far more dependent on Brexit news.

It’s hard to know if anything is happening at all. It seems we are at stalemate with the Europeans and most politicians are lounging somewhere in the sun.

I note however that the PM was still tweeting away yesterday saying “The government is delivering a Brexit for the people.” What does that mean? Another soundbite with no substance. No wonder polls show 60% of “the people” are bored of Brexit.
At least the economy is in better form.

EUR: Wild Turkey

The panic may have subsided in Turkey but speculators are clearly not convinced the worst is over.

Data from the futures markets shows that bearish positions in the Euro have escalated in the last two weeks. The overall position is now in negative territory for the first time since May 2017.

On Thursday the minutes from the recent ECB meeting are released. These will be watched closely as investors see if the committee is moving towards tightening.

USD: Dollar dips, panic passes

The Dollar has come off highs in the last couple of sessions as investor demand for safe-haven currencies has faded.

Trade talks between the US and China are scheduled for Tuesday and Wednesday, although these are not being carried out by high level officials.

As for Turkey, the Lira has risen from its lows but there is little news to support the move. Investors will be awaiting the latest Fed minutes due out on Wednesday.

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Current rates:

Monday 20th August 2018 at 12:30

£1.00 GBP = 1.1178 EURO

£1.00 GBP = 1.2763 USD

£1.00 GBP = 1.7470 AUD

£1.00 GBP = 1.9285 NZD

£1.00 GBP = 1.6684 CAD

£1.00 GBP = 18.5650 ZAR

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