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GerBrexit?

Germany give up the bed

There was some short term relief for the pound yesterday that came in the form of our least expected neighbours. As the lynchpin of the Eurozone, one would expect Germany to be fully opposed to any UK Brexit based assistance but it seems as if the towels have been removed from the sunbeds even if just for a day. It was reported that Germany are ready to accept a less detailed agreement on the UK’s future economic and trade ties with the EU in a bid to get a Brexit deal done. 

Sentimental drivers 

This small snippet combined with further comment from Barnier saw a bid for the pound across the board. However… before we start trying to rebook those European holidays that we cancelled in a panic at the thought of Brexit, it is worth remembering one thing. The market works on sentiment and data flow, with sentiment currently the key driver. As much as good comments are good for the pound, the opposite can be said for anything negative.

Dollar dependence on ISM figure

Despite yesterday’s gains in the pound, the market will be looking for the dollar to come back to the fore today as all eyes are drawn to screens for this afternoon’s ISM figure across the pond. With a stronger figure expected 55.6 v 55.7 and coupled with the undertones of emerging market fragility, could we see this as a springboard for further flight to safety?

Thought of the day

On this day in 1974, British tennis player Tim Henman was born, gracing the green grass of Wimbledon for many a year and putting millions of strawberry eaters through their mental paces as he crashed to yet another inevitable early exit. Despite his ability to hit a yellow ball with a racket every year, it seems bizarre that the defining point of his career was to have a hill named after him. It makes you think, if Brexit can be resolved, will we at one point all be sitting on May Mound?  

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