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OPEC stalls and loonie falls

GBP. Sterling remains on hold in anticipation of next week’s vote. Yesterday, Chancellor of the Exchequer, Phillip Hammond, reiterated to Parliament that the proposed Brexit deal cannot be renegotiated and stood in line with May’s “my deal or no deal” stance. This was largely expected by markets and saw them shrug off the same comments […]

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Markets look to Vienna for OPEC supply cut

GBP. Sterling continues to trade flat as the build-up to next week’s vote continues. Yesterday the government released the full legal advisory text from Attorney General Geoffrey Cox on the Brexit draft deal, with the main area of note that Northern Ireland would remain in the EU single market for goods and the EU customs […]

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Sterling falls to 17-month low as chinks in May’s armour show

GBP. Last night’s developments decreased the possibility of a no-deal Brexit scenario taking place, but with the full legal advice set to be published, the potential for a further rebellion over the intricacies of the Irish border backstop and transition period saw sterling fall to a 17-month low. Today, the pound holds steady despite further […]

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Loonie rallies after oil bounces ahead of OPEC meeting

GBP. Sterling was the only G10 currency, apart from JPY, to post losses against a broadly weakening dollar yesterday. After the leading party failed to publish the full legal advice, Labour, the Democratic Unionist Party, and four other parties laid down a motion of contempt. This will postpone today’s debate in Parliament and shows the […]

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Dollar starts week on the back foot as trade tensions ease

GBP. Sterling fell half of a percentage point last week but has clawed it all back this morning as the G10 jumps on a patch of dollar weakness following the G20 meeting in Argentina. Today marks the opening of a big week for sterling as Theresa May and co take to Parliament to kick-start five […]

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Powell reiterates Clarida’s dovish tones

GBP: Little occurred in Brexit politics yesterday apart from the confirming of May vs Corbyn next week in a live debate. The likelihood of the draft deal being tweaked prior to its final vote is increasing as May hammers home the increasing division of the country if lawmakers reject her deal before flying to the G20. […]

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US crude inventories cap off hard time for CAD

GBP. A lot of noise filled the sterling news flow yesterday with economic projections of a no-deal scenario and May’s Brexit deal, from both the Bank of England and the government. This was highly expected by markets and failed to nudge sterling, which promptly rallied off the back of broad dollar sell-off later in the […]

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Trump threatens further tariffs and props up USD

GBP. Speculation continues to mount regarding the likelihood of a deal being passed through Parliament in two weeks time. Following yesterday’s plunge after Trump’s comments and reports that May will find support if she gives a definitive resignation date, sterling starts this morning subdued. However, the next piece of political punditry could set sterling off […]

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Trump’s comments add to sterling downside

GBP. Sterling got hit quite hard this morning off the back of Donald Trump’s comments suggesting the Brexit deal “sounds like a great deal for the EU”. The President continued to voice concerns over the viability for the UK to negotiate a trade deal with the US, adding clout to the Brexiteer’s argument. Further risk […]

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Loonie starts week on the front foot, Crude regains lost ground

GBP. Sterling remains stuck at an amber light, waiting for the signal to go forward and rally, but it may be a few weeks before the clear green light is shown. Theresa May managed to get the EU27 to sign off on the draft political declaration in around 30 minutes on Sunday, but sterling shows […]

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Eurozone flash PMI’s send EURUSD lower

GBP. Sterling shot up yesterday as the UK and EU agreed on a draft declaration for a Brexit deal that would see an “ambitious, broad, deep and flexible partnership” and the possible removal of the contentious Irish backstop solution. The deal is set to be agreed on by all EU 27members bar Spain as it […]

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USD begins clawing back losses from last few days

GBP. Sterling enjoyed another day out of the spotlight yesterday, as Brexit newsflow reverted to mean levels. A few headlines flew back and forth while journalists made jabs at May’s Eurosceptic Conservative Party opposition for their failed rebellion. Jacob Rees-Mogg maintained a bellicose tone, saying that May needed to be deposed or she would lead […]

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USD continues to soften from Fed speakers

GBP. Sterling had a volatile session yesterday but ultimately closed slightly higher against the US dollar. Theresa May’s position seems to be improving somewhat, as another day passes without firm signs of a vote of no confidence. Mark Carney and fellow Bank of England decision makers will appear before the Treasury Select Committee today, discussing […]

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USD falls on dovish tones from Fed members

GBP. Despite last week’s rollercoaster, sterling only closed out the week a percentage point lower than it had opened on Monday. Brexit remains the curveball, with rumours continuing to simmer in the background regarding a Tory revolt, but for the time being, it looks as if Theresa May has escaped yet another tight spot. With […]

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May continues to tread water within a warring party

GBP. Sterling fell to its knees yesterday, as Prime Minister Theresa May’s administration came under huge pressure after the announcement that Brexit Secretary Dominic Raab had resigned from his position. Raab was one of four high profile ministerial resignations yesterday, and it later appeared that Raab had not even seen the draft deal prior to […]

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Sterling drops after string of resignations from Cabinet members

GBP. A make or break day for May and the pound proved anticlimactic after the Cabinet meeting drew into the evening yesterday. Last night’s press conference was cancelled along with Dominic Raab’s meeting with Michel Barnier, and May’s short statement looks like the anticipation around Brexit will be delayed until 10:30 today where she will […]

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EURUSD regains lost ground as oil continues to slide

GBP. It’s a big day for Theresa May today, as she rolls the dice by airing the proposed divorce deal from the EU, and hopes that her Cabinet doesn’t use the event to divide and conquer her leadership. Around 14:00 BST today the Prime Minister will hold her third Cabinet meeting of the week. In […]

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All eyes fixated on May’s Cabinet meeting

GBP. Sterling closed lower against the US dollar yesterday after a short-lived rally in the afternoon on some thin positive Brexit headlines evaporated in the evening. After the weekend’s reports of further UK Cabinet opposition to her negotiating strategy, Theresa May gave a speech last night in which she said talks with the EU were […]

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GBP falls as Brexit optimism is slashed

GBP. After reaching close to multi-month highs last week, sterling is once more on the back foot this morning. Prime Minister Theresa May’s Brexit deal problems deepened on Friday, as strongly pro-EU Minister for Transport Jo Johnson resigned from the government. Despite being the brother of Boris Johnson, one of the figureheads of the Leave […]

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USD strengthens after volatile USD mid-term elections

GBP. Sterling traded lower against USD but made inroads against the euro yesterday. Various sources reported that Tory Eurosceptics were planning on rejecting a Brexit deal struck by their own Government, even if an “exit clause” for the Irish backstop solution is included. Sterling has enjoyed a decent month already on increased hopes of a […]

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Ranko Berich

Ranko Berich

Ranko Berich is Head of Market Analysis at Monex Europe. He is a respected macroeconomic commentator, combining incisive market insight with a deep understanding of global economic and political events.

Ranko leads our team of analysts, providing commentary and insight on the markets as news breaks.

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