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Sterling Slips To Pre-Deal Levels As Brexit Obstacles In Focus

Published 11/12/2017, 08:33
Updated 21/10/2020, 09:15

This week’s economic calendar is a veritable Christmas feast, with updates from the Federal Reserve, Bank of England and ECB; the ominous trio of UK inflation, wage growth and retail sales; and the latest US CPI reading. Sadly none of that arrives today, with Monday the chilly calm before a snowstorm of data.

Thanks Monday’s meagre offerings, it seems the pound has been forced to mull over last week’s ‘Brexit breakthrough’, with the weekend’s papers full of potential issues. These include reports that a number of non-EU countries have voiced displeasure at the thought of the UK getting a special deal, and a potential disagreement between Ireland and David Davis after the latter claimed last Friday’s agreement was a ‘statement of intent’ rather than something more concrete.

The constant reminders of the long, hazardous Brexit road the UK is facing has sent sterling 0.2% lower against the dollar and 0.4% against the euro, taking the currency back to the levels it was at pre-deal announcement. This in turn has allowed the FTSE to climb half a percent, with the UK index hitting a 12 day high of 7430.

Elsewhere the eurozone indices didn’t bother getting out of bed. The DAX showed the most signs of life, nudging 0.1% higher to sit 25 points shy of 13200, while the CAC and IBEX opened flat at 5400 and 10300 respectively.

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