Foreign Exchange Daily Market Update 21/09/18

Fri, September 21, 2018

May promises new brexit offer after a hard EU summit.

Theresa May guaranteed fresh plans to break the stalemate in Brexit negotiations after EU leaders openly rejected her blueprint and warned that time is running out for striking a deal.

The two-day summit in Salzburg, Austria, broke up without any progress, and leaders increased more pressure on the PM to reform her stance. Britain will need to make more concessions next month if there is to be a special summit in November to sign the divorce agreement.  

The two main key factors remain: how to avoid a hard border between the U.K. and Ireland, and what the future trade relationship between Britain and the EU should look like.

May said there is still a lot of work to do but I believe there is a willingness to do a deal but let nobody be in any doubt -- we are preparing for no deal

In 10 days, the PM will face her Conservative party at its annual conference in Birmingham, amid a growing campaign from her disgruntled colleagues for her to ditch her Brexit plans or quit.

The leaders’ summit in October will be the moment of truth around Donald Tusk, by which time there must be maximum progress.” Only then will the EU decide if it’s worthwhile calling “an extraordinary summit in November to finalize and formalize the deal.

Sterling fell to 1.321 from 1.3275 against the dollar, the pound fell to 1.1208 from 1.1268 this morning against the Euro.

Data to look out today.  

Not much data due out today

• Premier says she’ll announce new solution to Irish border

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