GBP is only Mover in Quiet FX Market; Brexit Moves in Focus

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

Attention yesterday was focused squarely on GBP. Movements in other currencies were minuscule. Just for two examples, yesterday when I ran my spreadsheet as always EURUSD was 1.2133; this morning its 1.2115. USDJPY went from 104.00 to 104.06. 

GBP on the other handIts all down to Brexit of course and I have to say that I have no particular inside line into whats happening there. I have an opinion of course but I must warn you that my opinion is no better than anyone elses. My guess is that the UK will fold before its too late and they will reach an agreement, although I must admit when I read about the stunt the UK side pulled with regards to fisheries on Sunday night, I started to wonder see below.

UK PM Johnson talked with European Commission President von der Leyen yesterday, but in a joint statement the two agreed that the conditions for finalizing an agreement were not there due to the remaining significant differences on three critical issues. These are of course as always a fair competition the levelplaying field, b EU access to British fishing waters, and c a system of dispute resolution if the terms of the treaty are breached. Johnson will go to Brussels for emergency talks in…

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