- Irish border still unresolved and PM May could suffer.
- UK jobs, wages and inflation data on Tuesday and Wednesday.
Brexit Stalemate Ahead of EU Summit Meeting
The EU and the UK are still unable to resolve the Irish border issue, putting trade negotiations on hold as EU leaders meet mid-week. Releases/tweets over the weekend from Michel Barnier and Dominic Raab said that while progress had been made, ‘key issues remain’ with the EU now looking for a second Irish border backstop, something that Brexiteers within the UK Conservative Party will likely reject. Sterling faded lower on the back of the news but losses were limited ahead of the EU Summit meeting.
UK heavyweight data makes a return this week with the monthly look at jobs, wages, retail sales and inflation, all market moving releases in their own right. Whether they will move Sterling is questionable as Brexit continues to dominate the market.
GBPUSD Four-Hour Price Chart (August 29 – October 15, 2018)
Economic Calendar is Heavy
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— Written by Nick Cawley, Analyst
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