Sterling continued to weaken against the euro and US dollar following PM Theresa May’s comments over the weakened regarding Brexit despite her claims that she had been misrepresented by the press and in the media.
May also stated that she does not accept the ‘soft’ and ‘hard’ Brexit terminology and went on to that her Government are going to get a ‘ambitious, good and best possible deal for the United Kingdom’.
This did little to help the pound with GBP/EUR falling over 1.3% on Monday – it opened at 1.1659 but closed down at 1.1503.
GBP/USD fell by a little over 0.7%, closing at 1.2161 following an opening rate of 1.2248.
German Chancellor Angela Merkel also commented on Brexit yesterday. She said that if the UK does not accept the four freedoms of the EU then they would have to discuss limiting the UK’s access to the single market.
We saw data from Australia in the form of Retail Sales m/m which came in weaker than expected at 0.2% vs 0.4% expected.
China released inflation data overnight – CPI y/y which came in slightly weaker that expected at 2.1% vs 2.2% expected and PPI y/y which beat expectations at 5.5% vs 4.6%.
Another quiet day on the data front with only Building Permits m/m from Canada at 1.30pm and JOLTS Job Openings at 3pm.
Sterling has showed further weakness this morning. GBP/EUR is down 0.64% on the day whereas GBP/USD is down 0.38%.
MAJOR CURRENCY PAIRS Current at time of distribution
% Change on Day
Current at time of distribution
Building Permits m/m
JOLTS Job Openings
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