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May pressure weighs down on Sterling

  • GBP - Services PMI
  • CAD - Trade Balance
  • USD - ISM Non-Manufacturing PMI

The negative sentiment for the Pound continued today, as rumours of an agreement being made between the DUP and PM Theresa May does not seem likely by the end of this week.  As a result, Sterling again trended lower.

Rifts within the Tory party came to the fore front once again. The idea that a post Brexit UK may try to have regulatory alignment with the EU was supposedly supported by Theresa May. Boris Johnson however, and other hard-line conservatives, have argued that this is more of a soft Brexit approach.

Mrs May has already had to battle to win the backing of Arlene Foster, the DUP leader and it seems tensions are growing with a sense of ill feeling amongst May’s government. Depending on how quickly the Prime Minister can get everyone on the same page, the Pound is likely to be affected by this.

  • USD - ADP Non-Farm Employment Change: 190K
  • CAD - BOC Rate Statement
  • USD - Crude Oil Inventories

On the data front, the Private Payroll reading was released today from the US, showing jobs added were as expected for the month at 190k. The main figure due out on Friday will have little impact on the Greenback, with the probability of the third and final rate hike to be seen from the Fed this month already at 98%.