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The King attacks, long live the King!

The King's speech

Former Bank of England governor Lord King threw his weight behind the Brexit debate yesterday evening as he blasted Brexit preparations as "incompetent". Despite being a staunch Brexit supporter, Lord King noted that, "a government that cannot take action to prevent some of these catastrophic outcomes illustrates a whole lack of preparation". "It doesn't tell us anything about whether the policy of staying in the EU is good or bad, it tells us everything about the incompetence of the preparation for it."

Bumpy ride

One rare Brexit positive is the news that Mark Carney should remain at the helm of the Bank of England to see us through this transitional period. As we would all agree, the market needs no further reason to seek new levels of uncertainty. Ironically though, for a man who has been known to be very indecisive around the interest rate trajectory of the UK, he does seem certain of keeping hold of the BOE’s reigns.

Under pressure

Aside from this morning’s UK PMI releases, data is relatively thin on the ground. This brings sentiment to the forefront and with concerns over emerging markets and of course the ongoing Brexit uncertainty, the dollar looks set to benefit as investors move towards safe haven assets. With strong manufacturing numbers expected from across the pond tomorrow, could we see further downward pressure on the pound? 1.28 is seen as a key psychological level for GBP/USD .

Thought of the day

On this day in 1960 Cassius Clay, better known as Muhammad Ali won the Olympic light heavyweight gold medal and as we all know went on to be one of the sporting icons of the 20th Century. Famed for his quick talking, he famously said ‘Float like a butterfly, sting like a bee’. After seeing Theresa May’s dancing last week, she is certainly no butterfly, but let’s see if she can deliver a knockout blow to the Brexit negotiations in the coming weeks!

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