Sterling remains well supported

The Pound is trading up 0.5% against the majority of currencies so far this week, as Sterling appears to have shrugged off the recent Brexit-talk nerves. The knee-jerk reaction the £ had to the negative progress in trade talks was expected, but the quick recovery this week shows us the market is eventually expecting a deal.

There is talk that investors have recently become complacent in their Brexit view, as the looming deadline approaches. With just 2-months to go and no breakthrough publicly announced from either side, we do feel it is a 'calm before the storm' scenario. A strong UK economic rebound, no further monetary easing by the BoE incoming and a rising stock market has certainly eased the strain on the Pound these past couple of months. But the time has come to learn what type of Brexit we will have.

The performance of the Pound throughout August has been stable and there have been plenty of favourable buying positions as we initially suggested at the beginning of the month. We do expect rates to become volatile once we enter September and especially in October where there is an assumption that a deal will be agreed. For now, we expect the Pound to finish the week and month well.

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