GBP gained yesterday on the back of comments from UK Brexit minister Robin Walker, who said that the UK and EU are ‘very close’ to an implementation period deal on Brexit, points out Chief Strategist, Valtteri Ahti at Danske Bank.
“We expect Brexit to remain the key driver for GBP short term and expect EUR/GBP to remain volatile within the 0.865-0.895 range ahead of the EU summit on 22-23 March. Today in majors, we would focus on US CPI figures: last week’s payroll report hinted at meagre wage growth and if US inflation surprises on the downside, it could weigh on the USD, given the potential for the market to scale back on Fed expectations in this case.”
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