Irish border talks stumble Sterling

Hi everyone,


It's been an incredible start to the month for Sterling, but begins this week nearly 1% down from last weeks highs against the € (relatively unchanged versus $). An unscheduled meeting between the two chief negotiators Raab & Barnier yesterday, failed to yield success with the Irish border being the fundamental problem. 

Consensus is still for a Brexit deal to be in place for November and the EU summit will hopefully provide some guidance on where talks actually stand. German foreign minister Heiko Mass earlier today told reporters "I hope at the end, reason has the upper hand and that we are in a position in the home straight to be able to seal a deal."

On the data-front there are interesting figures being released daily which makes for a 'choppy' week ahead for the £. Recently, economic data has been positive from the UK, but to expect more of the same remains to be seen. Sterling currently sits 3 cents below the average for the year against the $ & at the average for the year versus the €.



Upcoming Data

Tuesday, 16th October, 2018

07:00 EU - German import price
09:30 UK - Jobless claims & average earnings
10:00 EU - Euro-Zone trade balance & ZEW survey
14:15 US - Industrial & manufacturing production

Wednesday, 17th October, 2018


00:00 UK/EU - EU summit
09:30 UK - CPI, RPI, PPI & FPC minutes

10:00 EU - Euro-Zone CPI
13:30 US - Building permits
19:00 US - FOMC meeting 

Thursday, 18th October, 2018

09:30 UK - Retail sales
13:30 US - Initial jobless claims

Friday, 19th October, 2018

09:30 UK - Public borrowing & finances
15:00 US - Existing home sales
16:30 UK - Governor Carney conference

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