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AUDNZD Jumps, other Currencies Little Changed; ECB Meeting

Note  The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts. 

Rates as of 0500 GMT

Market Recap

Im convinced that when I finally retire, many years from now, the last comment I ever write will include the sentence Brexit talks are to continue as the two sides once again failed to meet the deadline and agreed to extend their discussions. How many deadlines have come and gone and yet the talks are still alive? Supposedly the dinner discussion last night between UK PM Boorish Johnson and European Commission President Ursula von der Leyen was the last chance for an agreement so that EU Chief Negotiator Barnier could put the conclusion to EU leaders at the summit today and tomorrow. Instead, the UK side said very large gaps remain while Ms. vdL said the two sides remain far apart. That sounds familiar. 

Ms. vdL said, We agreed that the teams should immediately reconvene to try to resolve these essential issues. We will come to a decision by the end of the weekend. Hah! How do you say fat chance in French? Grosse chance apparently, but Im not sure it has the same meaning. An EU diplomat told the FT, Its hard to see what could happen between now and Sunday to alter the equation. It looks like weve now hit the home stretch with brakes and steering wheel locked.

Perhaps we shouldnt be so…

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