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Sterling steady as trade talks continue - Euro currency news daily

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GBP - British Pound

The pound continues to hold its gains around the 1.30 handle versus the dollar and 1.10 against the euro as Brexit talks continue between the UK and the EU. UK Prime Minister Boris Johnson's threat to walk away from talks have not come to fruition and it appears French PM Emmanuel Macron's stance re: fishing rights may be softening, hopefully leading the way to a deal sometime next month. Away from Brexit, Covid-19 cases continue to rise in the UK as the second wave continues to take a grip. There were 151 confirmed deaths yesterday bringing the total to 44,886 as Britain continues to struggle with the re-emergence of the pandemic. Economic data is thin in the ground this week from the UK so expect Brexit chatter to dominate the news.

Key Movers

Away from the UK we get ever closer to the US general election due on Tuesday 2nd November. Most polls and bookies have Joe Biden as favourite to the top job with odds on him winning hovering round 1/2 with Trump as far out as 7/4. Crunch day is next Tuesday and the two candidates will be doing their hardest to try and convince voters of swing states such as Florida over the next 8 days.

Trump will be praying that US Advanced GDP due on Wednesday shows a strong rebound as his policy of trying to keep the economy open has led to over 200k Covid-19 related deaths.

EUR/USD is down a touch to the 1.18 handle and USD/JPY is at 104.85. GBP/USD is at 1.3040 and EUR/USD at 1.8010.

Expected Ranges

GBP/USD: 1.2985 - 1.31 down

GBP/EUR: 1.10 - 1.11 up

GBP/AUD: 1.8240 - 1.8330 up

GBP/NZD: 1.9469 - 1.97 up

GBP/CAD: 1.71 - 1.7225 up


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Eurozone Economic Calendar

Sunday 25 October


00:00 Daylight Saving Time ends

Tuesday 27 October


09:00 ECB Bank Lending Survey
09:00 Private Loans (YoY) (Sep)
09:00 M3 Money Supply (3m) (Sep)
09:00 M3 Money Supply (YoY) (Sep)

Thursday 29 October


00:00 EU leaders summit
10:00 Services Sentiment (Oct)
10:00 Consumer Confidence (Oct)
10:00 Industrial Confidence (Oct)
10:00 Business Climate (Oct)
10:00 Economic Sentiment Indicator (Oct)
12:45 ECB Interest Rate Decision
12:45 ECB Deposit Rate Decision
13:30 ECB Monetary Policy Statement and Press Conference

Friday 30 October


10:00 Consumer Price Index - Core (YoY) (Oct) (Preliminary release)
10:00 Gross Domestic Product s.a. (QoQ) (Q3) (Preliminary release)
10:00 Consumer Price Index (YoY) (Oct) (Preliminary release)
10:00 Gross Domestic Product s.a. (YoY) (Q3) (Preliminary release)
10:00 Unemployment Rate(Sep)
19:30 CFTC EUR NC Net Positions