A Downing Street spokesman said: “The PM has been clear that he wants to meet EU leaders and negotiate, but not to sit down and be told that the EU cannot possibly reopen the withdrawal agreement. And that is the message that he has been giving to leaders when he has spoken to them on the telephone so far.” Sterling traders are becoming increasingly jittery as Boris Johnson appears to be taking a hard-line stance on Brexit, and with UK-EU discussions breaking down, this has further heightened fears of a disorderly exit on October 31.
Meanwhile, US-China trade talks are set to renew today for the first time in nearly three months, with ‘greenback’ traders taking careful note of any developments between the two superpowers.
Many analysts, however, remain sceptical of any breakthrough trade deal.
Later on today we’ll see the publication of the US spending figures for June, with year-on-year US Core Personal Consumption Expenditure figures expected to increase from 1.6 percent to 1.7 percent.
The US Consumer Confidence Index figure for July is also expected to rise from 121.5 to 125.
With US economic data forecast to be positive today, it is likely we will see the US dollar continue to rise against Sterling.