Good morning,

As sterling once again inched towards it critical level of 1.1280 against the Euro; a level that sterling has been unable to pass on the last five attempts going back to the 15th of May, headlines once again have intervened to make life difficult. Once again, fisheries seems to be the key sticking point, particularly between France and the UK; despite this, the market still seems to believe that a deal is somehow still to be done in the few weeks left in 2020. The spending plans laid out by Chancellor Rishi Sunak yesterday were largely ignored by markets, as with most data and fiscal announcements this year, it’s all about damage control due to Covid; with the critical December sales period being preserved.

Elsewhere in the markets, it is a largely data silent and announcement silent day – owing much to the US Thanksgiving bank holiday today. Clients should please be aware that no USD payments will be able to be processed, sent or received today because of this.

Have a great day.

Author: Joshua Haden-Jones, Senior Relationship Manager.

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