Pound Sterling is benefiting from a major rerating of global bond markets and the notion that a trade deal with the US has strengthened the UK’s hand ahead of Brexit negotiations.
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Foreign exchange markets have dumped the Dollar and high-yielding currencies as markets price in a Donal Trump victory in the United States presidential elections.
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Those analysts who follow price charts are noting Sterling’s major pairs are undergoing a bullish revolution which is reflected in a new breakout move.
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News that the UK Government may only seek Parliamentary resolution on triggering Article 50 is weighing on Sterling this Monday.
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The new week has not favoured Pound Sterling with the only bright spot appearing to be its ability to remain in touching distance of the Euro.
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Sterling retains a strong bid against most of its G10 peers into the weekend with the final potential pitfall of the week - US employment data - being successfully negotiated.
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Pound Sterling nudged higher on Thursday October 3rd following the release of better-than-forecast Services PMI data from Markit and the CIPS.
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