Weekly Market Report 5th - 9th

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Rising hopes of a Brexit deal helped lift the Sterling exchange rates last week and its seems to be more of the same this week with Sterling rates on average half a percent higher even after weaker than expected economic data earlier this morning.

There has been speculation over the past few days that UK and EU negotiators are close to a deal on the Irish border. The UK Cabinet seems set to discuss this on Tuesday. Reports suggest that the Prime Minister May’s preference is still for a ‘special’ EU summit in November to sign off an agreement rather than waiting for the December meeting. That would give her more time to get a deal through Parliament.

Two weeks of strategic silence on the progress of Brexit talks appears set to end on Tuesday, amid signs U.K. and European Union negotiators are finally coming close to breaking the deadlock. Prime Minister Theresa May’s Cabinet will discuss Brexit on Tuesday as mentioned above. There were suggestions this weekend by members of her Conservative Party that she’s preparing to give ministers an ultimatum to back a draft deal. Her spokesman, though, played down a Sunday Times report that an agreement with the EU was done.

There is a US central bank policy meeting this week although no change in interest rates is expected on this occasion. Markets will be looking for signals that the Fed intends to raise rates in December. The Fed’s press statement will sound upbeat about the US economy and point to the likelihood of further gradual hikes. However, it will probably fall short of outright confirmation of a December move

 

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