Sterling leads the pack into mid-week

An overbought Euro and an out-of-favour Dollar has propelled the Pound into the driving seat this week. £-€ rates are trading once again over the psychological barrier of 1.10 mid-market and £-$ is edging closer to 1.30 mid-market. Sterling has been recently caught in the middle of an appreciating € and a depreciating $ and is rising now because of the latter. As long as the sentiment around Brexit talks remain positive and the economic recovery carries on picking up pace, we can expect a more respectable trading range for £-€ near term.   

The Dollar is at an interesting point, as its safe haven status is being challenged due to the upcoming US election and more importantly the ongoing economic and health effects of Covid-19. The $ increases at times of uncertainty, but is currently trading at a near 2-year low against the € and 5-month low versus the £. Investor money instead is going into gold which has reached an all-time high this week. This evenings US interest rate decision and meeting will no doubt be a market mover, as the Dollar is almost certainly set for the worst trading month in a decade. 

EU's Chief Negotiator Michel Barnier told reporters Monday "I remain confident that a balanced and sustainable deal remains possible". This has been seen positively on the market, especially as his last comments were stressing that time is running out and a no-deal scenario was becoming increasingly likely. Depending on the Euro-Zone's figures tomorrow and Friday, it could be a strong week for the Pound across the board. 

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