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Sterling lower in a quite Monday session

Monday, Aug 14 2017
Sterling lower in a quite Monday session

There were no significant UK data releases during the day, but there were reports that pro-EU MPs were looking at ways to block a ‘hard’ Brexit. Given the weak government position, a cross-party effort to block the government stance could be effective. In a joint statement over the weekend Chancellor Hammond and Trade Minister Fox stated that transition arrangements would not be a back door to stating in the EU and that the period would be time limited.

Although evidence of greater unity within the Cabinet could underpin sentiment, there were further concerns surrounding underlying uncertainty. The latest CFTC data recorded a small net decline in short, non-commercial Sterling positions on the week which, given that Sterling has not been able to make significant headway, suggests that underlying selling pressure has been increasing.

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