Analysts at Scotiabank explained that Sterling is under-performing even though UK data reports (public finances and CBI industrial orders data) were a fair bit better than consensus expectations.
"Markets await Chancellor Hammond’s Autumn statement Wednesday and are perhaps growing a little more sceptical again that a “soft Brexit” is achievable."
"We remain cautious on the GBP’s outlook and expect weakness to resume as investors refocus on the Brexit process."
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