Talk of a the UK Government uniting around a fixed settlement fee to be paid to the EU and the need for a two year transitional deal appear to have aided Pound Sterling higher.
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“The EU-27 has a financial and an economic incentive to accept that proposal. The EU-27 will face a financial shortfall without it" - Andrew Benito, aGoldman Sachs.
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"Today’s retail sales figures indicate that consumers are showing an impressive resilience in the face of the ongoing real pay squeeze" - Ruth Gregory, Capital Economics.
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The Pound's rally could continue in the near-term as short-positioning is flushed out of the market and a November interest rate rise is fully priced argue analysts at Deutsche Bank.
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A rate hike is almost certainly on the cards for November, says Investec, but the outlook beyond here has become more clouded.
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Carney did little to add renewed impetus to last week's Sterling rally while the bulk of strategists see only a one-time boost from a BoE hike.
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Sterling needs more than a standalone rate hike to sustain a recovery. A new narrative is needed. One of renewed economic momentum and further hikes to come.
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